Minneapolis Fed President Neel Kashkari said he expects the Federal Reserve will need to raise interest rates by another percentage point over the next few months, despite signs that inflation is decelerating.

“While I believe it is too soon to definitively declare that inflation has peaked, we are seeing increasing evidence that it may have,” Mr. Kashkari said in an essay published online Wednesday morning. “In my view, however, it will be appropriate to continue to raise rates at least at the next few meetings until we are confident inflation has peaked.”

Fed’s Kashkari Sees Rates Rising to 5.4%

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Fed’s Kashkari Sees Rates Rising to 5.4%