US Inflation Fight Will Take 'Further Time': Senior Fed Official

US Fed vice chair for supervision Michael Barr said the Fed would need to keep rates at their current restrictive levels for 'further time' (Credit: AFP)

The US Federal Reserve should keep interest rates at their current elevated levels for longer than previously expected due to disappointing recent inflation data, a senior bank official said Monday.

The Fed has raised interest rates to a 23-year high and held them there as it looks to bring inflation down to its long-term target of two percent.