Former Fed officials express doubts over rate hikes amidst inflation concerns.

Former Federal Reserve Bank of Dallas President and CEO Robert Kaplan advised against raising interest rates at the moment, citing concerns that it would disproportionately hurt small and mid-size banks and businesses. He called for a "whole of government approach" to address the issue of inflation and warned of a potential slowdown in GDP, though he did not predict a recession. The Federal Reserve recently raised its benchmark interest rate but signaled that future rate increases will depend on "incoming information."