The Federal Reserve is taking a patient approach to maintaining interest rates until inflation cools.

San Francisco Fed President Mary Daly suggested that the Fed may not have done enough to push inflation to 2%, but its quick rate rises may not be fully felt yet.

Boston Fed President Susan Collins emphasized the need for patience and resoluteness.

The Fed’s preferred inflation rate was 3.4% in September, down from 7.1% last summer but above target.

The Fed’s decision to retain the policy rate at 5.25%-5.50% was influenced by the rise in longer-term bond yields.

Chicago Fed President Austan Goolsbee acknowledged the 10-year Treasury note yield’s decrease but said inflation is on track to meet the Fed’s target if home price pressures subside.

New economic and interest rate predictions will be announced during the Dec. 12-13 policy meeting.