The first Federal Reserve official to call for interest rate hikes since Powell took office has emerged, with Lorie Logan backing rate increases to combat high inflation.

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The first Federal Reserve official to call for a rate hike since Walsh assumed office has emerged. Earlier today, Fed official Logan said the central bank should raise interest rates to tackle high inflation – a remark signaling she may be prepared to vote against keeping rates unchanged later this month. Logan added that June inflation data released Tuesday shows price growth is moderating, but not enough to convince her inflation has returned to the Fed’s 2% target trajectory.

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