Federal Reserve Bank of Boston President Susan Collins said a steady, gradual path for interest-rate increases was appropriate to reduce inflation, while keeping an open mind about the eventual level of rates. She said price pressures had broadened and remained elevated for a prolonged period, even as the labor market gained firmer footing without adding to inflationary pressure. Collins described the economic risks as balanced, including the possibility of further shocks and the risk that higher long-term borrowing costs could weaken demand more than expected. Inflation has remained above the Federal Reserve’s 2% target for more than five years, while the labor market has appeared stable and could strengthen further. The Fed last raised rates in September, bringing its target range to 3.75%-4%. Markets widely expect a quarter-point increase at the Dec. 8-9 meeting and another move in January, although Collins stressed that gradual tightening did not imply a fixed schedule. Recent price data over the past three months and evidence of a firmer labor market have shifted her view toward a somewhat higher rate path over the coming year, even as she argued against accelerating increases for now. Recent comments from Fed Governor Christopher Waller have strengthened expectations of a larger December move.