Fed’s Musalem Says Another Rate Hike Will Be Needed Before Long

Federal Reserve official Musalem said another increase in interest rates will be needed before long, arguing that inflation is unlikely to fall without action from the central bank.

Musalem described monetary policy as loose and said broader financial conditions also remain loose. He said inflation is still too high and did not specify a date for another increase.

In an earlier outlook, Musalem said rates may need to rise within the next six to nine months.