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Fed officials call for more rate hikes to fight inflation

NEW: Cleveland Fed President Loretta Mester says the Fed’s short-term rate would have to stay higher for longer than previously expected. Susan Collins, the new president of the Federal Reserve Bank of Boston, endorsed Fed projections last week that signaled its benchmark interest rate would rise to 4.6% by next year. The Fed has lifted its key rate to a range of 3% to 3.25%, the highest in 14 years, even as the U.S. economy has already slowed. Mester also said she expects higher interest rates will raise unemployment, but disagreed with a forecast by Bank of America that the unemployment rate would increase to 5.5%. The comments from both officials added to an ongoing debate about how badly the Fed’s rate hikes. . . .

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