Cleveland Fed chief says rising gas prices could stall progress on reducing inflation The president of the Cleveland Federal Reserve said Monday she suspects the central bank "may well need to raise" interest rates once more this year and then keep rates high "for some time" to get inflation fully under control. Loretta Mester, in a speech in Cleveland, said "inflation remains too high" despite a sharp slowdown in price increases since last year. What's more, rising oil prices threaten to stall further progress in lowering inflation, she said. Since households have to fill up their cars or trucks once or twice a ... (full story)