Federal Reserve Bank of Boston President Susan Collins signaled interest rates will likely need to be held at a two-decade high for longer than previously thought to damp demand and reduce price pressures.

Boston Fed 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 economy 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,