Federal Reserve Bank of St. Louis President Alberto Musalem said additional interest rate increases may be needed to achieve the central bank’s inflation goal, adding that monetary policy may still be stimulating the economy after this month’s hike. “Both persistent demand and recurring supply forces are continuing to contribute to keeping inflation risks elevated, and I judge that without further policy restraint on inflation it is more likely to be substantially above our 2% target in 18 months than at target,” Musalem said Monday in an interview with Reuters. His comments underscore ongoing concerns about inflation persistence despite recent tightening.