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Patrick Harker at Jackson Hole, Wyoming David A. Grogan | CNBC Philadelphia Federal Reserve President Patrick Harker on Thursday said higher interest rates have done little to keep inflation in check, so more increases will be needed. "We are going to keep raising rates for a while," the central bank official said in remarks for a speech in New Jersey. "Given our frankly disappointing lack of progress on curtailing inflation , I expect we will be well above 4% by the end of the year." The latter comment was in reference to the fed funds rate, which currently is targeted in a range between 3%-3.75%. Markets widely expect the Fed to approve a fourth consecutive 0.75 percentage point interest rate hike in early November, followed by another in December. The expectation is that the Federal Open Market Committee, of which Harker is a nonvoting member this year, will then take rates a bit higher in 2023 before settling in a range around 4.5%-4.75%. Harker indicated that...

It was the longest losing streak for gasoline prices since the early months of the pandemic: For 98-consecutive days this summer, American drivers experienced declining gas prices thanks in part to a slower worldwide demand for oil. Now, a cut in oil production signaled by the OPEC+ group last week has sent global crude prices higher, pushing prices back up at the pump. According to AAA, the national average price of a gallon of gas climbed to $3.92 on Monday. Prices are likely to keep going higher from here as oil prices climb, according to Patrick De Haan, chief petroleum analyst at the gas price tracking group GasBuddy.com. “With OPEC+ deciding to cut oil production by two million barrels a day, we’ve seen oil prices surge 20%, which is the primary factor in the national average rising for the third straight week,” he said in a blog post Monday. For the rest of the country, De Haan said he expects prices to rise as much as $0.30 from their September lows, which would put them at a...