Top Fed official sees need for more interest rate increases

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — A senior Federal Reserve official said Friday that there has been little progress on inflation for more than a year and that more interest rate hikes are needed to get prices under control. Christopher Waller, a member of the Fed’s governing board, did not specify how many more increases he supports, but said in written remarks that inflation “is still much too high and so my job is not done.” Waller’s comments expressing support for more rate hikes follow a forecast by the Fed’s staff economists, revealed in Fed minutes Wednesday, for a “mild recession” later this year.