NEW YORK, March 3 (Reuters) – Federal Reserve Bank of Boston leader Susan Collins reiterated in comments made public Friday that more central bank rate rises will be needed to lower high inflation levels.
“We have more work to do to bring inflation back down” to the central bank’s 2% target, Collins said in a video for a speech on March 1 published on the bank’s website Friday.
Collins, who is not currently a voting member of the rate setting Federal Open Market Committee, did not comment on the tactics of rate rises, but she did say that when the Fed gets to its stopping point, it will likely need to stay there for a potentially extended period of time.
The necessary path of rate rises will likely create some softness in the job market, Collins said.
Reporting by Michael S. Derby