On Thursday, a senior US Federal Reserve official said that more interest rate increases are coming, and needed to control the inflation.
US Federal Reserve Governor Michelle Bowman told reporters: "I believe that additional policy rate increases will be necessary to bring inflation down to our target over time."
The Federal Reserve halted its monetary policy's restrictions last week after raising its lending rate 10 times in a row in only a year.
The benchmark lending now is in a range between 5.0% and 5.25% which is the highest level since 2007.
Bowman added that she supported the decision of keeping the interest rates unchanged, last week, after receiving mixed economic data.
She revealed that the bank's tighter monetary policy "has had some effect on economic activity and inflation to date".
Although, inflation declined, "it remains far too high," the official added.
"I expect that we will need to increase the federal funds rate further to achieve a sufficiently restrictive stance of monetary policy to meaningfully and durably bring inflation down," she highlighted.
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