Fed Board member Lisa Cook said it might soon be time for the Fed to step off the gas in its efforts to curb high inflation.

Fed Board member Lisa Cook said it might soon be time for the US central bank to step off the gas in its efforts to curb high inflation.

However, Cook said, “Inflation remains very high, and as a result, the Fed must continue to focus on getting it to the 2 percent target.” Expressing that he is aware that the effects of monetary policy are seen with inevitable delays, Cook emphasized that the point where the Fed should stop in interest rate hikes is “uncertain” but that it would be prudent to increase interest rates “with smaller steps.”

“How far we will go in rate hikes and how long we will limit interest rates will depend on the progress observed in bringing inflation down,” Cook said.