Federal Reserve governor Lisa Cook said Wednesday that while she didn't think it was necessary to raise interest rates last week, she's ready to do so if inflation does not come down soon. "I consider the risks to the inflation side of the dual mandate higher than the risks to the employment side at this point," Cook said in a speech in Alaska. Cook noted that the effects of tariffs on prices are mostly behind us, and while those levies account for higher inflation year over year, they may not prove inflationary looking ahead. And when it comes to artificial intelligence components that have surged in price, Cook thinks prices will come down as supply chains adjust. Read more: How the Federal Reserve shapes consumer loan ratesIn a 9-3 decision last Wednesday, the Fed held interest rates at the current range of 3.5% to 3.75%, but three regional Fed presidents — Cleveland Fed president Beth Hammack, Minneapolis Fed president Neel Kashkari, and Dallas Fed president Lorie Logan — dissented in favor of a quarter-point hike.