Photo: Loretta Mester, president and CEO of the Federal Reserve Bank of Cleveland. Loretta Mester, president and CEO of the Federal Reserve Bank of Cleveland.

Federal Reserve officials said inflation is too high and may take time to cool, even as fresh price data came in hotter than expected and new research suggests the Fed may need to raise interest rates as far as 6.5 percent.

“The inflation readings are still not where we need them to be,” Cleveland Fed President Loretta Mester told Bloomberg News in an interview Friday in New York.

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