Philadelphia Federal Reserve President Anna Paulson said Thursday that she and her colleagues may need to raise interest rates further to bring inflation back to target. Speaking a week after the Federal Open Market Committee raised benchmark borrowing rates by a quarter percentage point, Paulson said inflation trends are still worrying. The rate hike, which took the key funds rate to a target range of 3.75%-4%, "brings policy closer to what I believe is needed to return inflation to 2% at a pace that balances inflation with risks to the labor market. Looking ahead, if conditions evolve as I expect, some modest further tightening may be warranted.
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