Federal Reserve Bank of New York President John Williams said that although inflation has slowed, further rate hikes are still needed to keep inflation at bay.
Governor Williams said at an event held in New York on the 19th (local time) that the Federal Reserve's aggressive monetary tightening policy to control inflation is not over.
He also emphasized that inflation remains and the imbalance between supply and demand continues, so there is still work to be done through monetary policy to bring inflation down to the target of 2%.
The pace of rate hikes will slow as we get closer to the final rate, but what the final rate will be will be determined by upcoming economic data, Williams said.
Market experts believe the Fed is most likely to raise rates by 0.25 percentage points next month and at its March meeting.
The Fed raised its benchmark interest rate by 0.75 percentage points four times in a row last year, and also raised it by 0.5 percentage points in December of last year.
As a result, the US benchmark interest rate rose from the zero interest rate level in March last year to 4.25-4.5%.