Senior US Fed Official Expects No Rate Cuts This Year

Bowman said she doesn't expect the Fed to begin cutting interest rates this year (Credit: AFP)

A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation.

The US Federal Reserve has held rates at a 23-year high for months as it battles to bring elevated inflation back down to its long-term target of two percent.