Fed officials: Rates may need to go higher

Improving situation: A hiring sign is displayed at a restaurant in Prospect Heights, Brooklyn. Employers continued adding jobs at a rapid clip in May, and job openings climbed in April, recent data show. — AP

NEW YORK: Two Federal Reserve (Fed) officials say the central bank may have to raise interest rates further to tame price pressures that in some sectors aren’t showing much sign of easing.

Fed governor Christopher Waller said headline inflation has been “cut in half” since peaking last year but prices excluding food and energy have barely budged over the last eight or nine months.