According to CoinMeta, the Federal Reserve warns that if inflation does not cool down in the near term, interest rates may need to be raised. Federal Reserve governor Michael Barr stated that he and the Fed will support rate hikes unless inflation shows convincing signs of easing. Currently, the Federal Reserve's target range for the federal funds rate is 3.50% to 3.75%. Barr expressed concern about "wider price pressures" at a banking forum in Washington, as inflation has remained above the Fed's 2% target for nearly five and a half years.