Inflation will likely persist into 2024, St. Louis Federal Reserve President James Bullard warned on Wednesday, suggesting interest rates could likely surge even higher as the Fed battles rising prices.

“I think we’ll probably have to stay there all during 2023 and into 2024,” Bullard told MarketWatch of high interest rates, estimating they could reach between 5 and 7 percent.

Bullard pointed to low unemployment numbers and indicated the jobs market’s strength would enable the Fed to tackle inflation head on through more rate hikes.