Federal Reserve (Fed) Bank of Boston President Susan Collins noted on Tuesday that despite significant progress made on inflation by the Fed and its policies, there's still plenty of work to be done. As Boston Fed President Collins noted, inflation remains stubbornly high, and it will likely take more time than many had initially hoped to bring price growth back down to the Fed's 2% target.

Fed policymakers assess inflation data, weigh policy options

Key highlights

Fed Collins: I am cautious against overreacting to recent inflation data. I remain a realistic optimist on the economy and monetary policy. It is too soon to say if inflation is retreating again to 2%. The economy has been remarkably resilient. Inflation is still stubbornly above 2% target. Recent inflation data has been encouraging. The US central bank has made notable progress lowering inflation. It is appropriate for the US central bank to remain patient on monetary policy.