In prepared remarks to be delivered to the Association of Banks in Salt Lake City, Utah, Bowman said: "My fundamental economic outlook still predicts that we will have to raise the federal funds rate further to keep policy constrained enough to bring inflation to our two-percent target in due course."

Earlier this month, the Federal Reserve left its benchmark overnight lending rate unchanged in the range of 5.25 and 5.50 percent for its second meeting, respectively.

Since then, Federal Reserve Chairman Jerome Powell has said the central bank is ready to raise interest rates again but will only do so if progress in bringing inflation back to the target of two percent stalls.

But Bowman has long been among a small minority of policymakers who have said they believe the Fed's mission is far from over.

According to the Fed's preferred measure, inflation fell to 3.4 percent in September after peaking at 7.1 percent last summer, and other Fed policymakers said they still expect it to take longer for the rise in borrowing costs over the past <> months to take full effect across the economy.

But Bowman was less confident in the adequacy of this, citing the fact that inflation remained high and progress was "uneven."

"In my view, given the potential structural changes in the economy, such as higher demand for investment compared to savings, it is very likely that the level of the federal funds rate that is compatible with low and stable inflation is higher than it was before the pandemic," she added.