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The Fed may not be done hiking. Philadelphia Fed President Anna Paulson says "some modest further tightening may be warranted," with inflation still "stubbornly elevated." New York Fed President John Williams says the Fed "still" has "a lot of work to do." Fed Governor Michael Barr has also said more hikes are needed. The Fed raised rates last month to 3.75%–4%, its first hike since 2023.