St. Louis Fed President Alberto Moslem announced the need for further tightening of monetary policy soon to return inflation to the 2% target level within 18 months, the Wall Street Journal writes. A gradual increase in interest rates is less disruptive to the economy and the labor market than sudden moves in the future, he said, and the Fed's current policy remains appropriate amid strong demand.

St. Louis Fed President Alberto Moslem announced the need for further tightening of monetary policy soon to return inflation to the 2% target level within 18 months, the Wall Street Journal writes. A gradual increase in interest rates is less disruptive to the economy and the labor market than sudden moves in the future, he said, and the Fed's current policy remains appropriate amid strong demand.