Several Federal Reserve governors and presidents say that more interest rate hikes are needed to curb inflation. “We are not done yet with raising interest rates,” Fed Governor Lisa Cook said. “We need to raise rates aggressively to put a ceiling on inflation,” Minneapolis Federal Reserve President Neel Kashkari stressed.

After a series of 75-basis-point rate hikes last year, the Federal Reserve raised its benchmark interest rate by 25 basis points last week to 4.5%-4.75%.