Two officials from the Federal Reserve believe that interest rates are approaching their peak, but they do not rule out the possibility of further rate hikes.

According to the latest speeches by two Federal Reserve officials, policymakers may be on the verge of ending rate hikes, although one official did not rule out the possibility of further rate increases unless inflation shows more obvious signs of trending. Boston Fed President Susan Collins said in an interview on Thursday, "We may need additional rate hikes, and we may be very close to a level that can be sustained for quite some time." Collins added, "I do think it's quite likely that we will need to keep rates unchanged for a considerable period of time, but I wouldn't signal a specific level for the peak at this time. We may be close, but we may also need to raise rates further." It is reported that Collins does not have voting rights on the FOMC this year. In multiple media interviews, Collins stated that the U.S. economy has not slowed enough to bring about sustained inflation decline, indicating that the Fed may need to raise rates further. She also mentioned that she is one of the policymakers who expects another rate hike this year. Philadelphia Fed President Patrick Harker reiterated his view in another speech on Thursday that the Fed should keep rates at their current level when assessing their impact on the economy. "Now, I think we may have done enough," said Harker, who has voting rights on the FOMC this year, in an interview. "Our stance is restrictive," he added. "My view is to let the restrictive stance work for a while, let this situation persist for a period of time, and that should help lower inflation." Central bank governors from around the world are gathering at the annual two-day conference hosted by the Kansas City Fed in Jackson Hole. Investors will be looking for clues about the interest rate outlook from this symposium. The Fed raised rates to a range of 5.25% to 5.5% in July, the highest level in 22 years. Officials will have more economic data to review, including the monthly employment report and the latest inflation data, before the next meeting on September 19-20. The Fed's economic projections released in June showed that officials expect at least one more rate hike this year. However, according to pricing of futures contracts, investors generally expect the Fed to keep rates unchanged before the end of the year. Economic Reacceleration Former St. Louis Fed President James Bullard gave a different view in an interview on Thursday, suggesting that the rebound in economic activity this summer could delay the Fed's plan to end rate hikes. Bullard reiterated his earlier comments this week that concerns about an economic downturn have been exaggerated and stronger economic growth may require higher rates to counter inflation. Bullard said, "This reacceleration could bring upward pressure on inflation, preventing the inflation slowdown we have seen and instead delaying the Fed's policy change." He added, "I think we may well be in a new regime of higher rates."