On September 22, Fed's Musalem stated on Monday that due to strong demand and commodity price shocks extending beyond the oil sector, the Federal Reserve may need to further raise interest rates to reduce inflation. He emphasized that the Fed should act sooner rather than wait. Musalem remarked, "Persistent demand and recurring supply pressures are still exacerbating inflation risks. I believe that without further policy measures to curb inflation, in 18 months, inflation is likely to be significantly above our 2% target rather than reaching it. I think policies must impose meaningful constraints on inflation so that the Fed can achieve its inflation target in about a year and a half, allowing time for the tightening policies to impact the economy." He also stated, "Compared to later, larger, and potentially more abrupt policy measures, earlier and gradual policy tightening is more appropriate and causes less shock to the economy." Musalem pointed out that inflation "is not a risk; it already exists," and even excluding the effects of oil and other supply-related factors, the underlying inflation rate could still be several percentage points above the Fed's target and is "heading in the wrong direction."