The U.S. central bank most likely has one more interest rate rise ahead of it as it continues to work to lower high inflation, Atlanta Federal Reserve President Raphael Bostic said on Tuesday, Reuters reported. "One more move should be enough for us to then take a step back and see how our policy is flowing through the economy, to understand the extent to which inflation is returning back to our target," Bostic said. "The economy still has a lot of momentum and is performing quite strongly, and inflation remains too high," Bostic said, adding that "by pretty much every measure that you look at, current inflation is more than double what our target is. So there's still more work to be done and I'm ready to do it." The Fed's inflation target is 2%, and as of February, the U.S. central bank's preferred gauge — the personal consumption expenditures price index — was up 5% from the same month a year ago. Bostic's outlook holds for one more quarter-percentage-point rate rise, which would lift the Fed's benchmark overnight interest rate to the 5.00%-5.25% target range. The central bank's rate-setting Federal Open Market Committee will next meet on May 2-3, and the 25-basis-point hike penciled in collectively by officials in March and broadly expected by markets is also generally seen as the stopping point.