Fed officials signal sharp rate hikes to continue as inflation surges

A pair of top Federal Reserve officials is indicating that additional sharp interest rate hikes are on the way as the central bank scrambles to bring down decades-high inflation.

San Francisco Fed President Mary Daly said Sunday that the Fed is “far from done” in its effort to lower prices. Daly is a member of the rate-making Federal Open Markets Committee on a rotating basis, but doesn’t have a vote this year.

Daly said another half-percentage point hike was “absolutely” possible when the Fed next meets in September. The central...