The Globe and Mail reports in its Tuesday edition that the Federal Reserve will likely need to raise interest rates further to bring down inflation that is still too high. A Reuters dispatch to The Globe reports that several U.S. central bank officials said on Monday the end to its current monetary-policy tightening cycle is getting close. "We're likely to need a couple more rate hikes over the course of this year to really bring inflation" sustainably back to the U.S. central bank's 2-per-cent goal, San Francisco Fed president Mary Daly said during an event at the Brookings Institution, giving voice to the most common view among her rate-setting peers at the Fed. However, Ms. Daly added, while the risks of doing too little are still greater than those of overdoing it on rate hikes, the two sides are getting into better balance as the Fed nears "the last part" of its hiking cycle. Fed policy makers are widely expected to deliver a rate hike at their meeting later this month, a move that would bring the policy rate to the 5.25-per-cent to 5.5-per-cent range. What is less clear is whether they will raise rates again at the September meeting, wait until November, or just stay on hold and let inflation ease over time.