Boston Fed President COLLINS said policy rates may need to rise further before year-end to curb inflation, and any additional hikes and timing will depend on incoming economic data. She expects US growth to continue and the labor market to remain near full employment; under that baseline, productivity gains should help rebalance demand and supply and bring inflation toward 2%. She warned two other scenarios are nearly as likely: AI-driven investment could spur stronger-than-expected spending, overheating the labor market and keeping inflation above target; and tariffs or higher energy prices—especially if conflict involving Iran continues—could sustain price pressure. COLLINS said it is important to watch whether high inflation remains concentrated in energy and AI-infrastructure sectors or begins to broaden.(金十)