Federal Reserve Governor Michelle Bowman said inflation will likely remain elevated for “some time,” but added she still anticipates price gains will eventually cool with interest rates held at current levels. Bowman, the first Fed official to speak since Chair Jerome Powell’s remarks Wednesday, said recent inflation data suggest the low readings seen at the end of 2023 appear to have been temporary. “I expect inflation to remain elevated for some time,” Bowman said Friday in remarks prepared for the Massachusetts Bankers Association Annual Convention in Key Biscayne, Florida. “My baseline outlook continues to be ... (full story)