According to CoinMeta, Beth Harkem, the president of the Cleveland Federal Reserve, stated that the current inflationary fluctuations may require multiple interest rate hikes to be brought under control. She pointed out that a single 25-basis-point increase in interest rates has a limited impact on the economy and emphasized the Fed's responsibility in ensuring price stability. Harkem mentioned that recently, consumers' and businesses' concerns about rising prices have intensified, and many workers' wage increases have been eroded by inflation. Fed officials voted at last month's meeting to keep interest rates unchanged in the range of 3.5% to 3.75%, and Harkem believes now is the time to take action.