Speaking in Washington, D.C., on Tuesday, Bowman said the Fed will receive October’s personal consumption expenditures inflation report and November’s employment report before its next meeting. She said further time would also help policymakers assess the durability of demand related to artificial intelligence and how geopolitical risks evolve—factors that could matter for monetary policy in the months ahead.

October inflation data came in firmer than expected, strengthening the case for market participants to anticipate another rate increase in December. Dallas Fed President Lorie Logan said Tuesday the central bank might need to raise rates more rapidly. Fed governor Christopher Waller, speaking in London before the CPI figures were released, said a third consecutive warm reading for core inflation could put a half-point increase on the table next month.

The Fed held rates steady last month after raising them by a quarter point in September. Bowman said she remains focused on interpreting underlying economic trends and changes in financial conditions, consistent with her views after the September FOMC meeting.