US Fed Vice Chair Says Interest Rates Should Remain On Pause

US Fed vice chair Philip Jefferson said it was 'appropriate' to keep rates on hold for now (Credit: AFP)

The US central bank should keep interest rates at their current "restrictive" levels until it sees real progress in the fight to lower inflation, a senior Fed official said Monday.

The US Federal Reserve has hiked interest rates -- and held them -- at a 23-year high as it looks to bring inflation down to its long-term target of two percent.