US Federal Reserve Governor Michelle Bowman reiterated on Friday that while she expects inflation to continue decreasing with the current policy rate, she remains open to raising rates if progress on inflation stalls or reverses.

"After seeing considerable progress on slowing inflation last year, we have not yet seen further progress this year," Bowman stated in remarks prepared for delivery to the Pennsylvania Bankers Association in Nashville, Tennessee. "While the current stance of monetary policy appears to be at a restrictive level, I remain willing to raise the target range for the federal funds rate at a future meeting should the incoming data indicate that progress on inflation has stalled or reversed."

Bowman had previously given a similar assessment earlier this month. Her latest comments notably did not reference recent data, including consumer price inflation figures, which have made some analysts, though not many policymakers, slightly more optimistic about inflation’s path toward the Fed's 2 per cent goal.

"I will remain cautious in my approach to considering future changes in the stance of policy," Bowman emphasised.

(With Reuters inputs)