Boston Fed’s Collins says ‘higher unemployment’ needed

By CHRISTOPHER RUGABER
AP Economics Writer

WASHINGTON (AP) — Susan Collins, the new president of the Federal Reserve Bank of Boston, said says that a higher unemployment rate will be needed to bring down inflation from unusually high levels, but suggested any economic downturn would likely be modest. In her first speech as Boston Fed president, Collins said Monday that the economy is resilient enough to withstand the higher interest rates needed to combat inflation, which is near a four-decade high.