Federal Reserve Governor Michelle Bowman on Friday cautioned against raising interest rates to address the current spike in prices. With inflation running well above the central bank's 2% target, markets are expecting the Fed to stay on hold this year then possibly start raising rates in early 2027. Current pricing is indicating virtually no chance of cuts anytime through at least 2027. But Bowman said adjusting policy to offset energy-driven inflation surges has proven ineffective. "Reacting to temporarily elevated energy price inflation would add unwarranted policy restraint, weighing unnecessarily on economic activity and labor market conditions," the policymaker said at a conference in Reykjavík, Iceland.…