Dallas Fed President Lorie Logan says the Fed likely will need to raise rates by at least another 50 bps to ensure inflation doesn’t settle above the central bank’s 2% goal. Logan said those additional increases, together with September’s, would merely reverse the three cuts the Fed made last year. She said the Fed needs to set interest rates at a modestly restrictive level, a threshold that remains uncertain and could require even more increases. Logan drew a distinction on the run-up in bond yields. To the extent higher Treasury yields reflect expectations of a more aggressive Fed, those increases “don’t do our work for us,” she said. But if the increase in yields is driven by rising term premiums, or the extra compensation investors demand to hold longer-term debt, the moves “can slow the economy, reducing the need to tighten monetary policy.”