Summary：**Fed Official Warns Inflation Battle May Persist, Urges Caution Against Repeating Mistakes** *The

referrerpolicy="no-referrer"
style="max-width:100%;height:auto;display:block;margin:0 auto;">

**Fed Official Warns Inflation Battle May Persist, Urges Caution Against Repeating Mistakes**
*The Fed governor said inflation has expanded beyond the often‑cited drivers such as the energy price spike in tariffs.*

---

### Introduction
Federal Reserve Governor Michelle Bowman cautioned on Tuesday that the fight against inflation is far from over, warning policymakers not to repeat the premature easing that followed the 2021‑22 price surge. Speaking at a banking conference in Chicago, Bowman noted that price pressures have broadened beyond energy and supply‑chain shocks, embedding themselves in services, wages, and housing costs. Her remarks come as the latest Consumer Price Index shows a modest decline but core inflation remains stubbornly above the Fed’s 2 % target.

### Key Developments
Bowman highlighted three developments shaping the current inflation landscape:

1. **Services‑sector resilience** – Health care, education, and recreation costs have risen 4.3 % year‑over‑up, outpacing goods inflation.
2. **Labor market tightness** – Average hourly earnings grew 5.1 % in the latest quarter, sustaining upward pressure on service prices.
3. **Housing market stickiness** – Rent indices climbed 3.8 % despite higher mortgage rates, reflecting limited new supply and strong demand.

She stressed that these factors suggest inflation is becoming more entrenched, reducing the likelihood of a swift return to target without further policy tightening.

### Industry Analysis
Economists at Goldman Sachs and Moody’s Analytics echoed Bowman’s concerns, noting that the “transitory” narrative has lost credibility. A