Federal Reserve Governor Lisa Cook said she is prepared to act on interest rates if inflation does not slow, warning that the longer prices stay above the central bank's target, the harder it will be to bring them down. Speaking at an event in Alaska, Cook stressed the need to keep policy flexible. Her remarks come after she voted with a 9-3 majority last week to hold the Fed's benchmark borrowing rate in a range of 3.5% to 3.75%. Cook did not specify when or by how much rates might rise, but her comments signal that further hikes remain on the table if price pressures persist.
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