[Federal Reserve Governor Bowman: Inflation Still Needs Control, But Costs of Further Tightening Must Be Weighed] According to Jinse Finance, on November 11th, Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, stated that inflationary pressures persist while the job market is stabilizing, leaving room for further declines in inflation. She expects the core PCE to rise to 3.3% year-on-year in October, driven primarily by rising energy prices and AI-related demand, but the lack of progress in inflation is not due to an overheated labor market. Bowman anticipates that core PCE could approach 2% next year as the pressure from the AI construction boom and Middle East conflicts gradually subsides. Regarding policy, Bowman pointed out that recent stock market declines, rising Treasury yields, and a stronger dollar have tightened financial conditions, while the economy has strengthened this year. She emphasized that financial conditions have tightened. In this context, the benefits of further tightening monetary policy must be carefully weighed against the costs to interest-rate-sensitive industries. The sustainability of AI demand and the evolution of geopolitical risks will be crucial factors determining the direction of monetary policy in the coming months. She did not explicitly call for interest rate hikes but stressed that the Fed still needs to push inflation back to its 2% target.