Cook: Fed Ready to Hike Rates If Inflation Persists

Federal Reserve Governor Lisa Cook signaled her readiness to hike interest rates if inflation doesn't start to cool off. She made this statement at an economic luncheon in Anchorage, Alaska.

Cook emphasized that she is prepared to act by raising rates if necessary, and would support an increase if it becomes necessary to bring inflation down.

The risks to the price stability side of the Fed's mandate are higher than risks to its goal of full employment, Cook said. She argued that the US faces 'too high' levels of inflation, which have been running above its 2% goal for more than five years.