Richmond Federal Reserve President Thomas Barkin said Thursday that the central bank will likely need to raise interest rates further, with the open question being how fast those moves come¹.

Barkin spoke with CNBC's Steve Liesman as part of the Richmond Fed's 2026 CFO Summit¹. "Unemployment's near record lows, and inflation is too high," he said, adding that a gradual pace still makes sense given uncertainty and incoming data¹.

The comments came a little more than a week after the Federal Open Market Committee left the federal funds rate in a 3.75% to 4% range^1,2. Barkin is not a voting member this year and is scheduled to vote in 2027¹.

Cleveland Fed President Beth Hammack, in prepared remarks for an event in Zurich, said policy will need to move to a restrictive stance to return inflation to the 2% target in a timely way, according to Reuters reporting carried by other outlets². She did not specify when she wanted the next increase and said she prefers more frequent, smaller adjustments when possible².

Hammack and Fed Governor Lisa Cook dissented last week in favor of a rate hike; Hammack also dissented when the Fed held rates in late July².

CNBC reported that when the committee raised rates by a quarter point in September, officials largely agreed another increase was likely before the end of 2026, and that markets were pricing a better than 80% chance of a December hike, then another move in 2027, according to CME FedWatch¹.

Barkin said he sees current policy as close to a neutral setting that neither restricts nor promotes growth, and that elevated consumption could mean policy is a bit accommodative¹. He called inflation the most important risk and said AI is adding near-term price pressure even if it later boosts production¹.

He also said debt issuance to hyperscalers, estimated this year at more than $500 billion, is worth watching, more for unknown risks among intermediaries than for the large tech borrowers themselves¹. What officials will do at the next meeting, and how far they will ultimately raise rates, remains unset^1,2.