According to remarks by Loretta Mester, head of the Federal Reserve Bank of Cleveland on Wednesday, U.S. Federal Reserve officials are going to keep raising interest rates, and some are maintaining the maximum discount rate at or above 5 percent despite all signs of peaking inflation and slowing economic activity, Reuters writes.

“I just think we need to keep going and at the meeting we will discuss what more needs to be done,” Mester said.

She said the Fed Funds rate should be “a little higher” and will remain at that level for some time in order to reduce inflation.

Like Mester, the head of the FRB St. Louis James Bullard said that he also foresees an increase in the key rate in the range of 5.25-5.50%.

To recap: today, the Fed’s benchmark overnight lending rate is in a target range of 4.25% to 4.50%, and investors expect the Fed to raise it by a quarter percentage point at its Jan. 31-Feb. meeting.

The U.S. central bank began raising the rate back in March last year when it was in the 0-0.25% range and inflation rose to a 40-year high, several times the Fed’s 2% target.

Several Fed officials expressed support for slowing the rate hike to a quarter percentage point after much steeper increases last year, mostly by 75 basis points and half a point.

In the Beige Book released by the Fed on Wednesday, survey data from regional banks across the country showed that while prices continued to rise, economic growth slowed in most counties. And while employment continued to rise and several Fed districts reported modest economic growth and even a decline in activity.