Boston Fed President Susan Collins said she supported last week's 25-basis-point rate increase because she now sees a greater chance that inflationInflationInflation refers to a sustained rise in the general price level that reduces the purchasing power of money. The term belongs in Level 7 because it helps connect macro conditions...Read More remains notably above 2%. She said a stronger labor marketMarketDefinition A market is an environment where buyers and sellers come together to exchange assets, goods, services, or financial instruments. Prices form as buyers and selle...Read More allows policy to focus on restoring price stability and that a somewhat more restrictive federal-funds rate should help return inflation durably to target. Collins, who is not an FOMC voter this year, did not say whether she favors another increase. The Fed's target rangeRangeA range is a market state in which price repeatedly rotates between a support area and a resistance area without making sustained directional progress. A range is defined by rep...Read More is 3.75%-4.00%.