Susan Collins advocates for additional rate hikes to combat inflation.

Boston Federal Reserve President Susan Collins said that the US central bank will likely need to raise interest rates at least one more time this year to combat persistent inflation. Collins supports the move and sees the rate-hike forecast as "reasonably balancing the risk of monetary policy not being restrictive enough to bring inflation down and the risk that activity slows by more than needed to address elevated price pressures." Recent turmoil within the banking sector may partially offset the need for additional rate increases. Fed officials have been adamant that they are not considering slashing rates this year, even though the rapid rise in interest rates played a direct role in the spate of bank collapses earlier in March.