Federal Reserve vice chair Philip Jefferson on Monday became the latest central bank official to call for holding interest rates at current levels until inflation shows more signs of cooling.
"We continue to look for additional evidence that inflation is going to return to our 2% target,” Jefferson said during a question and answer session at the Cleveland Fed.
“Until we have that I think it is appropriate to keep the policy rate in restrictive territory."
Jefferson said he changed his view after hotter inflation data in the first quarter.
The Fed decided on May 1 to keep its benchmark interest rate in a range of 5.25%-5.50%, a 23-year high. Its next policy meeting is not until June 12 when the central bank is again expected to hold rates steady.