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Federal Reserve Governor Christopher J Waller on September 9 had made it clear that the inflation was quite high and that the central bank would hike rate to bring it back to 2 per cent.
The Federal Reserve has conducted another massive interest rate hike as the economy struggles with smoldering inflation and the rising risk of recession.
Wednesday's consumer price index report did not show a much hoped-for cooling of inflation in April, putting pressure on the Fed.
Cleveland Federal Reserve Bank President Loretta Mester recently said that she does not rule out the possibility of a 75-point interest rate hike by the Fed depending on where inflation is heading.
The U.S. central bank may hike interest rates by up to 75 points due to the high rate of inflation, according to James Bullard, president of the St. Louis Federal Reserve Bank who also added that he does not expect such an increase to occur right away.