Falcon exit from Fed official Bowman

Fed board member Michelle Bowman said the U.S. central bank may need to raise interest rates further to fully ensure price stability.

"Additional rate hikes will likely be needed for inflation to get on a path towards the Fed's 2% target," Bowman said.

Speaking at an event organized by the Kansas Bankers Association in Colorado on Saturday, Bowman said he supports the Fed's decision to raise interest rates at last month's meeting.

Although data released since then showed a slowdown in price growth, Bowman said he would like to see more evidence of continued decline in inflation.

Bowman said: "Recent decline in inflation has been positive, but when assessing further rate hikes and how long we need to keep rates at a restrictive level, I will look for consistent evidence that inflation is on a meaningful path towards our 2% target. I also believe that a slowdown in consumer spending and easing labor market conditions." I will be watching for signs," he said.

Bowman said Fed officials will evaluate incoming data and should be willing to raise interest rates in the future if inflation stalls.

The Fed has three meetings for the remainder of the year. The next meeting will be held in September.