Fed's Barr (Voter) says further rate hikes are likely needed to ensure a timely return to the 2% inflation target

Inflation is not clearly trending towards the 2% target in a timely way, economic growth is strong and the labour market is solid. Fed was out of position and made an adjustment in the right direction. Fed needed to recalibrate monetary policy going into the recent policy meeting to reflect risks. Risks to achieving 2% inflation have increased, while risks to the labour market have receded.