(Bloomberg) -- Federal Reserve Governor Michelle Bowman said increased cost burdens on renters, as inflation outpaced wage growth, underscores the importance of the central bank’s actions to try to cool price pressures.

  • “These increased cost pressures underscore the importance of the Federal Reserve’s efforts to fight inflation, which can complement efforts to address other factors affecting rent prices, including increasing the supply of rental housing,” Bowman said in prepared remarks for a virtual event on housing hosted by the Fed
  • Bowman did not comment directly on the path for interest rates
  • Notes that rent increases have outstripped wage gains, increasing the share of renters who spend 30% or more of their income on rent
  • In remarks last week, Bowman signaled she favors raising interest rates again, and likely more than one time

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