Two Federal Reserve officials said more interest-rate increases are likely. Neither gave a date.

Williams, of the New York Fed, spoke at a UC Berkeley Alumni Salon. "The economy is strong, labor market continues to strengthen, and inflation is persistent," he said, Reuters reported. "We still have work to do … to get monetary policy to the right place."

Hammack, of the Cleveland Fed, spoke at Ohio State. She is a voting member of the rate-setting committee in 2026. She favors a gradual path. "If we go steadily in smaller increments, more frequent, smaller rises, it's easier for businesses and households to manage around that," she said, according to Reuters.

The range

The Fed's target range is 3.75 percent to 4.00 percent. The Fed raised it by 25 basis points in September. It held in July and in October, Reuters reported. Hammack dissented at both of those meetings. She opposed holding rates.

The next meeting is Dec. 8-9. A quarter-point increase is widely expected, according to Reuters.

What the officials said

Hammack said recent data show inflation "moving in the wrong direction." She said she does not think the Fed is behind the curve. She also said: "Those are not promises."

Williams was asked about the higher level of prices. He said the Fed targets the rate of change in prices, not their level. Trying to "put the genie back in the bottle, that creates huge distortions and damage to the economy," he said.

Fed policymaker Waller earlier this week seemed to favor a half-point increase, given October's consumer price report, Reuters reported. Core consumer prices rose 0.3 percent in October, according to Reuters.

Market pricing

Fed funds futures priced in 29 basis points of increases for December on Thursday, Reuters reported. The odds of a half-point move were slim. Markets expect a quarter-point increase in December and another in January, Reuters reported.

Treasury yields rose on Thursday, Nov. 12. The 2-year yield rose 13.96 basis points to 4.867 percent. That is the highest since Oct. 14. The 10-year yield rose 11.58 basis points to 5.105 percent. That is the highest since Oct. 21. During the session the 10-year touched 5.1169 percent, Reuters reported. Yields rose after President Trump said Washington does not need a deal with Iran, Reuters said.

The labor data

Initial jobless claims rose 9,000 to 200,000 in the week ended Nov. 7, the Labor Department said, via Capital Finance Bureau. The four-week average was 195,250. Continuing claims fell 20,000 to 1.697 million.

The October jobs report showed payrolls up 165,000, Capital Finance Bureau noted. The unemployment rate was 4.1 percent.

Producer prices

The Bureau of Labor Statistics releases the October producer price index at 8:30 a.m. ET on Friday, Nov. 13, according to its schedule.

The September report is the last one published. Final-demand prices rose 1.3 percent from August, the BLS said. They were up 6.3 percent over 12 months. Goods prices rose 2.6 percent in the month. Energy prices rose 10.8 percent.

A narrower measure excludes foods, energy and trade services. It rose 0.5 percent in September. It was up 5.0 percent over 12 months.

For borrowers

Many business credit lines and credit cards carry variable rates. They move with the prime rate. Banks set the prime rate relative to the Fed's range. Fixed-rate loans already on the books do not change. A December increase would reach the first group, not the second.