Three Federal Reserve members who wanted the central bank to raise interest rates this week weighed in on Friday with their rationale. Cleveland Fed president Beth Hammack said in a statement that inflation is too high and she is not confident it will return to the central bank's 2% goal. "The longer that high inflation persists, the more challenging and costly it can be to bring it back down." In a 9-3 decision on Wednesday, the Fed held interest rates at the current range of 3.5% to 3.75%. In addition to Hammack, Minneapolis Fed president Neel Kashkari and Dallas Fed president Lorie Logan dissented in favor of a quarter-point hike.