Federal Reserve's Harker: Multiple rate hikes may be needed to curb inflation

Cleveland Fed President Harmack stated that current inflation has not yet returned to target levels, and the Federal Reserve may need to raise interest rates multiple times. She mentioned that a 25 basis point hike "will not have a significant impact on the economy," but she is unwilling to predict the specific number of rate hikes or the final interest rate level.

Harmack believes that the current interest rate range of 3.5%-3.75% has not imposed a significant constraint on the economy, and businesses have not reduced growth investments due to high interest rates, therefore "now is the time to take action."