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According to the Financial Times, Federal Reserve official Collins stated that due to the Iran war exacerbating the cost of living pressures, the number of people living in poverty in the U.S. is struggling to make ends meet. She warned that the Federal Reserve may need to raise interest rates to curb inflation. Collins noted that businesses and households in the Northeast are being squeezed by inflation, which has exceeded the central bank's 2% target for over five years. She pointed out, Almost every time I talk to businesses, I hear about (pricing) issues. She added, Among low- and middle-income families, Im increasingly hearing about the challenges they face such as difficulty in making ends meet. Energy prices are indeed untenable, especially in our region. Currently, Collins does not have voting rights on the FOMC. She supported keeping interest rates unchanged in July and believes the current level of rates is slightly restrictive, which will result in a gradual and sustained decline in expected inflation. However, she indicated that she would support an interest rate hike as early as September if economic data suggests the need for it. She stated, I do believe that the economic situation over the coming months may require tighter policy, and in that case, I am prepared to raise interest rates.