Federal Reserve Governor Lisa Cook said she is prepared to act if inflation does not soon begin to slow, though she is willing to wait a bit more time for that to happen. Cook noted that risks continue to be strongly weighted toward higher inflation due to the investment boom around artificial intelligence and price pressures from tariffs and the U.S. war with Iran. She compared the current situation to a year ago, stating that inflation risks now outweigh employment risks. Fed officials have been debating a rate hike that could come as soon as this fall, with Governor Christopher Waller also saying the central bank may need to act unless there is consistent evidence of slower inflation. The Fed's next policy meeting is on July 28-29.