The Globe and Mail reports in its Tuesday edition that Federal Reserve Governor Christopher Waller said that the Fed may need to raise interest rates soon if inflation remains above the 2 per cent target. A Reuters dispatch to The Globe reports that Mr. Waller said the Fed's direction will depend on upcoming data, starting with a consumer inflation report on Tuesday. Mr. Waller said, "Sternly staring at inflation until it melts before our withering gaze is not an option." He spoke as military conflict resumed between the United States and Iran, which could drive oil prices up again and hinder efforts to lower costs. He said: "There is still a credible case for inflation to begin to fall back to our 2-per-cent goal with policy at its current setting. But I am concerned about the equally plausible case that data in the coming weeks will show that inflation will remain at its elevated level or even trend higher, requiring tighter monetary policy." He expressed concern that recent inflation reports indicate price pressures are broadening in the economy, driven by factors beyond last year's import tariff increases and recent energy cost spikes, suggesting a need for tighter monetary policy to address systemic inflation.