Fed's Bowman (voter) says progress on lowering inflation has stalled, would consider a shift in the policy outlook if war-driven inflation broadens

It was good for the Fed to keep an easing bias in the April 29 policy statement. The US economy has remained resilient despite labour market fragility. Want more clarity on the war's impact on the economy. The longer the Middle East war continues, the greater the risks to inflation. An extended energy shock would pressure inflation later this year. Fed's current "moderately restrictive" policy is aimed at aiding jobs and lowering inflation. Optimistic that the end of the war will bring lower energy prices. Reacting to a temporary energy shock could weigh on the economy. Fed can look through an energy shock if it remains credible on monetary policy.