Fed Officials Flag High Inflation and Some Warn of Rate Rises if Pressure Persists Several regional Federal Reserve Bank presidents said they expect today’s high levels of inflation to cool, but some added that if they don’t, the central bank might need to raise rates to help bring price pressures back in line. Several regional Federal Reserve Bank presidents said they expect today’s high levels of inflation to cool, but some added that if they don’t, the central bank might need to raise rates to help bring price pressures back in line.