If inflation doesn't start to cool off "I ‌am prepared to act by raising rates, if necessary," Cook said in a speech delivered before the 2026 Economic Luncheon of the Anchorage Economic Development ​Corporation in Anchorage, Alaska. The risks to the inflation side of the Fed's mandate are higher than the risks to its job market goal, Cook said. Cook also said the Fed ⁠is running out of space to deal with inflation given how long it has overshot the 2% target. Over recent days, officials like New York Fed President John Williams and Philadelphia Fed leader Anna Paulson have signaled an openness to raising rates if needed. Cook said of the FOMC ​meeting that "I felt it was appropriate not to change rates while we see how" inflation ‌trends shape up.