Last Friday, Boston Fed President Collins said that in order to achieve the 2% inflation target, the Federal Reserve may further raise interest rates in the future, and borrowing costs may also need to remain at a higher level for longer.
"I anticipate that interest rates may have to remain higher for a longer period of time than previously forecast," Collins said in a speech at the Maine Bankers Association's annual meeting.
Additionally, the option of further tightening is certainly not off the table. " Fed Governor Bowman was more direct in his remarks at a separate event. She favors continuing to raise interest rates, and possibly more than once, because she believes the Fed is not making enough progress in bringing inflation down to its 2% target.