The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March as it focuses on fighting inflation in Washington, January 26, 2022. The Federal Reserve is unlikely to be able to bring down inflation without having to raise interest rates considerably higher, causing a recession, according to a research paper released Friday. The Fed has implemented a series of interest rate hikes in an effort to tame inflation that had been at its highest level in some 41 years. That change implemented "average inflation targeting," allowing inflation to run hotter than normal in the interest of a more inclusive employment recovery. Fed Governor Philip Jefferson released a reply to the report, saying the current situation differs from previous inflation episodes.