Fed’s Dudley Stands by Rate Hikes, Expects Inflation to Roar

The Federal Reserve should continue gradually raising U.S. interest rates given low inflation should rebound, an influential Fed policymaker said in a Thursday speech that sounded slightly less confident than his previous hawkish comments in the face of weak price readings.

New York Fed President William Dudley did not repeat an assertion three weeks ago that he expects to raise rates once more this year, and he called the persistent shortfall in prices surprising. Yet he reinforced the U.S. central bank’s general expectation that an inflation rebound is around the corner, allowing it to continue tightening monetary policy before too long.

The comments reflect intellectual divisions within the Fed and could whip-saw investor expectations since they come two days after a Fed governor, Lael Brainard, expressed deeper concern over the inflation data.

“Even though inflation is currently somewhat below our longer-run objective, I judge that it is still appropriate to

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