Fed may push rates higher, keep them there longer.

Federal Reserve policymakers may need to raise U.S. borrowing costs above the peak 5.1% they outlined last week, and keep them there until 2024 to mitigate high inflation.

Recent statements made by New York Fed President John Williams, San Francisco Fed President Mary Daly, and Cleveland Fed President Loretta Mester, have underscored the U.S. central bank’s determination to do what it takes to ease price pressures that erode wages and strain household budgets, despite what analysts say could be a million or more jobs lost in the process.

New York Fed chief Williams said he’s not expecting a recession, but told Bloomberg TV “we’re going to have to do what’s necessary” to get inflation back to the Fed’s 2% target, adding that the peak rate “could be higher than what we’ve written down.”