St. Louis Federal Reserve president Alberto Musalem said Thursday that more interest rate hikes will be needed over the next six to nine months to bring inflation down, but he didn't indicate that the central bank needs to move at its next policy meeting. "The important thing at this point in time is to bring inflation back towards 2% in a timely manner, and it's important to contain any further broadening of inflation pressures or any second-round effects which could be coming from the negative supply shocks or the persistent demand pressures," Musalem said in a conversation with Bloomberg. Musalem said inflation is elevated , driven by persistent demand pressures and recurring negative supply shocks, which are leading to higher energy prices .
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