Boston Federal Reserve Bank President Susan Collins said Wednesday that she wasn’t surprised by the unwelcome news on inflation given the rapid progress seen last year, but she added that the U.S. economy still needs to slow more in order to cool price pressures in the coming months.

Federal Reserve Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off as an avenue toward getting inflation back to the central bank’s 2% target. “A slowdown in activity will be needed to ensure that demand is better aligned with supply for inflation to return durably” to the official target,

Still too-high inflation and an uncertain economic outlook mean the Federal Reserve should take a patient and deliberate approach to changing interest rates, Fed Bank of Boston President Susan Collins said on Wednesday.

Federal Reserve Bank of Boston President Susan Collins said recent data led her to believe that bringing inflation back to the central bank's 2% target will take "longer than previously thought." Collins spoke Wednesday at the Massachusetts Institute of Technology.