Fed officials anticipate one more rate hike in 2022.

Two Federal Reserve officials, Boston Fed President Susan Collins and Richmond Fed President Tom Barkin, said the Fed's decision to raise interest rates by 0.25% in March was necessary due to high inflation. Collins anticipates another 0.25% increase in rates and holding there through the end of the year. Barkin said he wanted to raise rates 0.25%, given the banking system appeared "resilient" at the time, while also noting inflation is too high. Recent bank failures could cause banks to hand out fewer loans, offsetting the need for more rate hikes.