US Fed's Michael Barr warns central bank may need to raise rates if inflation stays high

Federal Reserve Governor Michael Barr indicated potential interest rate increases if inflation remains elevated. He stated that the central bank might act decisively to raise rates. Incoming data will guide the decision on further monetary policy tightening.

Federal Reserve Governor Michael Barr said the central bank should be prepared to raise interest rates if inflation fails to subside, warning price pressures are at risk of becoming entrenched after being above target for more than five years.