Fed Official Warns Inflation Fight Has ‘Ways to Go’

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The Federal Reserve needs to keep raising interest rates to get inflation under control, even after last week’s report that it slowed in October, a central bank official said Sunday.Markets rallied after the Labor Department reported Thursday that so-called core prices, which exclude volatile food and energy items, rose 0.3% from September, the smallest monthly gain in a year, and by 6.3% on a year-over-year basis, down from 6.6% in September.

Investors and policy makers watch core readings closely as a reflection of broad price pressures and as a predictor of future inflation.

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