[Fed Governor Bowman: if inflation and the job market remain hot, the Fed needs to raise interest rates further.] Federal Reserve Governor Michelle Bowman said that if US price pressure does not cool and the job market shows no signs of slowing down, the Fed may need to raise interest rates further and maintain a high level for some time. At a meeting earlier this month, the Fed raised interest rates by 25 basis points to 5 per cent and 5.25 per cent and hinted that it might be prepared to suspend the tightening cycle.