The chief of the Atlanta Federal Reserve said further increases in interest rates probably aren't necessary to bring inflation back down to pre-pandemic levels.
The president of the Cleveland Fed said Monday the central bank "may well need to raise" interest rates once more this year and then keep rates high "for some time" to get inflation fully under control.
The central bank must decide how long to keep interest rates high to make sure inflation is tamed.
The chief of the New York Fed said a key U.S. interest rate is "at, or near, the peak level," but borrowing costs will also have to remain high for "some time."
The Fed's inner circle is divided on whether to raise interest rates again this year, but they all agree that borrowing costs will remain "higher for longer."