(Bloomberg) -- Federal Reserve Governor Michelle Bowman said that while policymakers may soon moderate the pace of interest-rate hikes, persistent inflation may call for a higher peak rate than she had expected a few months ago.

“As we approach a sufficiently restrictive level of the federal funds rate, it will become appropriate for us to slow the pace of rate increases as we determine how high we need to raise the target range,” Bowman said at an event hosted by the KBW CEO strategy forum.

Bowman’s comments echoed Fed Chair Jerome Powell, who said Wednesday that policymakers may moderate the pace of rate increases as early as this month, cementing expectations for a half-point increase following four consecutive 75-basis point hikes.

“Until I see our actions actually having some impact that would lower the rate of inflation, I think that my expectation would be that we would have a slightly higher rate than I had anticipated in September,” Bowman said.

The Fed governor said she expected the central bank would need to hold rates at the peak for “some time” to ensure inflation returns to its 2% target.

Inflation has showed some signs of slowing in recent months, but still remains extremely elevated. The personal consumption expenditures price index excluding food and energy, which Powell stressed this week is a more accurate measure of where inflation is heading, rose a below-forecast 0.2% in October from a month earlier, Commerce Department data showed Thursday.

Read more: Powell’s ‘Most Important’ Inflation Indicator Is Cooling Down

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