Senior Fed officials say more interest-rate hikes still on the table

Several senior Federal Reserve officials on Friday said the U.S. central bank might not be done raising interest rates and that rates are likely to stay “higher, and for longer, than previous projections had suggested.”

The Fed on Wednesday left its benchmark short-term interest rate unchanged at a range of 5.25% to 5.5%. “We hold rates steady so we have more time to collect the information we need to see if more is necessary or if we can simply hold where we are,” she said. In their most recent forecast, 12 of the 19 top officials predicted one more rate hike this year. Seven thought rates were already as high as they needed to go.Whatever happens next, officials appear fully united in the view that interest rates will need to stay high for quite some time to make sure inflation is vanquished. Senior Fed officials predicted just two rate cuts next year instead of the four they penciled in in June.

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