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Thomas Barkin, president of the Federal Reserve Bank of Richmond, said he expected the U.S. central bank would have to keep raising interest rates to tackle high inflation, but did not specify how much or when. He said gradual moves were appropriate amid uncertainty. His remarks came after the Fed held its overnight lending rate in a range of 3.75% to 4%. Barkin does not currently have a vote on the rate-setting committee, but will gain one in 2027.
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