Collins said rising living costs, amplified by the Iran war, are squeezing US low-income households and businesses and that energy costs in her region are particularly burdensome. She noted inflation has been above the Fed's 2% target for more than five years. A non-voting FOMC participant who backed holding rates in July, Collins described current policy as slightly restrictive and said she expects inflation to decline gradually but would support hiking rates as early as September if incoming d

Collins said rising living costs, amplified by the Iran war, are squeezing US low-income households and businesses and that energy costs in her region are particularly burdensome. She noted inflation has been above the Fed's 2% target for more than five years. A non-voting FOMC participant who backed holding rates in July, Collins described current policy as slightly restrictive and said she expects inflation to decline gradually but would support hiking rates as early as September if incoming data warrant tighter policy.