(Reuters) – The pace and timing of interest rate rises will be determined by inflation. Federal Reserve officials might need to act more aggressively if inflation continues to climb, Thomas Barkin, President Richmond Fed Bank said on Thursday.

Barkin spoke at the Virginia Chamber of Commerce’s virtual event. “The closer that inflation gets back to target level, the easier it is to normalize rates in a measured manner,” he said. We would have to be more aggressive in normalizing rates if inflation were to continue to rise and spread as it has been done so successfully in the past.

When they meet next week, policymakers will discuss strategies to remove the unprecedented support given during the pandemic. This includes possible ways of raising interest rates or reducing bond holdings by more than $8 trillion.

In recent days, Fed officials stated that they are open to raising interest rates by at least three more times this year. They would start in March if things continue on their current course.

Jerome Powell, Fed Chair, also stated earlier in the week that central banks should eliminate accommodation for this year. He said the U.S. does not need or want as much stimulus.