The Reasons the Fed’s Bowman is “Willing” to Hike Rates if “Data Indicate Progress on Inflation Has Stalled or Reversed”

The first three months of the year have produced a nasty re-acceleration of inflation in the US. It was across the board: in the Consumer Price Index, in the Fed-favored PCE price index, in the Producer Price Index, in the quarterly Employment Cost Index (for two quarters in a row).