Fed Officials Flag High Inflation and Some Warn of Rate Rises if Pressure Persists

Several regional Federal Reserve Bank presidents said Monday they expect today’s high levels of inflation to cool, but some added that if they don’t, the central bank might need to raise rates to help bring price pressures back in line.

“I expect that the currently elevated inflation readings from supply-side pressures will eventually fade,” Federal Reserve Bank of Chicago President Charles Evans said in a virtual appearance. “That said, I had expected to see more progress by now, and there are some indications that inflationary…