The US Federal Reserve should keep interest rates at their current elevated levels for longer than previously expected due to disappointing recent inflation data, a senior bank official said on Monday (May 20). The Fed has raised interest rates to a 23-year high and held them there as it looks to bring inflation down to its long-term target of two percent. But despite significant progress last year, the Fed's inflation fight has faced a setback this year, with the rate at which consumer prices are rising accelerating again in the first quarter. Speaking at a conference in the US state of Florida on Monday, Fed vice ... (full story)