(Bloomberg) -- Federal Reserve Bank of Kansas City President Jeff Schmid suggested higher interest rates are needed to achieve the Fed's price stability goals, and reiterated that inflation is his primary concern. "As such, I believe that bringing inflation down to the Fed's 2% objective will require tighter policy." Price pressures have risen due to the war in Iran and massive investments in artificial intelligence. Schmid, who does not vote on rate decisions this year, cautioned against assuming that inflation pressures stemming from supply shocks will be fleeting. Earlier on Tuesday, Philadelphia Fed President Anna Paulson said she will keep an "open mind" about the future path for interest rates based on what happens with inflation.