The Fed is not close

Recently I stated:

The facts suggest that inflation is still in the high range of what the Fed finds acceptable.

Bernanke confers:

Core inflation readings–that is, measures excluding the prices of food and energy–have also been higher in recent months. While monthly inflation data are volatile, core inflation measured over the past three to six months has reached a level that, if sustained, would be at or above the upper end of the range that many economists, including myself, would consider consistent with price stability and the promotion of maximum long-run growth.

I think that the Fed will continue to increase rates and ultimately stop tightening in the 5.5% – 6% range.

Econbrowser has more on Bernanke.