Fed Governor Michael Barr said further rate hikes are likely needed to ensure a timely return to the Fed’s 2% inflation target, speaking at the Chicago Fed. He called last week’s quarter-point hike a necessary adjustment given strong growth and a solid labor market, but said inflation isn’t trending toward target quickly enough. Barr cited tariffs, Middle East tensions, the war in Ukraine, and AI-driven investment as factors pushing prices higher, adding that risks to hitting the inflation goal have increased while labor market risks have eased. The Fed’s latest dot plot supports his view, with most officials projecting at least one more hike in 2026.

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