Reuters reports Federal Reserve Governor Michelle Bowman saying on Wednesday that a strong US labour market, the recovery of the service sector, and more fully open schools and childcare centres will likely bring more women back to the workforce.
"We continue to see strong employment gains and low unemployment rates—the kind of labour market that historically has pulled in more workers," Bowman said in remarks prepared for delivery to the Arkansas Women's Commission in Russellville, Arkansas.
"There are still plenty of jobs available even if we see the number of job openings reduced."
Key quotes
- Fed's Bowman: Labour market continues to be strong.
- Fed's Bowman: Future of labor supply is uncertain.
- Fed's Bowman: Some retirees may feel compelled to return to work due to inflation.
- Fed's Bowman says he sees potential for greater job opportunities for women in the future.
- Fed's Bowman: High inflation and strong employment will likely create some pressure on labour and employment.
Meanwhile, US futures are pricing in a higher probability of a 50 bps hike for Sep after the release of the FOMC minutes to around a 60% chance.
As a consequence, the US dollar is lower. The DXY index, that measure the greenback vs. a basket of currencies fell 30 points to 106.44. The 10-year yield is under pressure, dropping 0.8% to 2.888% and well off the 2.919% highs for the day. The 2-year yield dropped by nearly 1.4%.
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