Dallas Federal Reserve President Lorie Logan said the central bank needs at least two additional 25-basis-point rate increases and may need to deliver them promptly to prevent above-target inflation from becoming embedded in economic behavior. She supported the Federal Open Market Committee’s decision to raise rates by a quarter point in September and pause in October, saying gradual moves give households, businesses and markets time to adjust while limiting the risk of unnecessarily weakening economic activity. Core consumer prices rose 0.3% in October, a pace that would amount to more than 4% annual inflation if sustained, compared with the Fed’s 2% Personal Consumption Expenditures target. The existing topic said rates were in a 3.75%-4.00% range, at least 50 basis points below an appropriately restrictive level, and that the real federal funds rate was 78 basis points. Logan said inflation was being driven by broader forces in addition to wartime energy disruptions and tariffs, making tighter policy necessary to balance inflation and employment risks. Markets tied to at least one Fed rate hike in 2026 saw those odds rise from 78% to 84.5% over 24 hours. Investors will watch the December 8-9 meeting, inflation data and comments from other officials, including Chair Jerome Powell.