Dallas Federal Reserve President Logan said she still believes that at least two 25 basis point rate hikes are needed, but the pace may be faster than the Federal Reserve's actions this fall. “Given the current outlook, I still clearly believe that the Federal Open Market Committee needs to implement at least two more 25-basis point rate hikes,” Logan said in a speech prepared for a conference in Houston on Tuesday. Logan has the right to vote in the FOMC this year. Logan also said that although the pace of interest rate hikes will depend on economic data and financial conditions, “the pace of action this winter may be faster than the FOMC's pace in the fall so far.” According to the report released on Tuesday morning, the consumer price index rose more than expected in October, and the growth rate of core inflation accelerated to 0.3% month-on-month. Logan said she is concerned that another inflation indicator released later this month may show an acceleration similar to October.

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