Dallas Federal Reserve President Lorie Logan stated that the Federal Reserve might need to raise interest rates by at least another 50 basis points to ensure inflation does not stabilize above the central bank's 2% target. Logan noted that these additional rate hikes, combined with the September hike, would only offset the three rate cuts the Federal Reserve implemented last year. She believes the Federal Reserve needs to set interest rates at a moderately restrictive level, but this threshold remains uncertain and may require further rate increases. Logan also distinguished between different drivers of rising bond yields: if the rise in U.S. Treasury yields reflects market expectations of a more aggressive Federal Reserve policy, then these increases "do not do our work for us"; but if the rise in yields is driven by term premiums (the additional compensation investors demand for holding long-term debt), then these changes "can slow the economy, thereby reducing the need for monetary policy tightening."