Boston Federal Reserve Bank President Susan Collins has indicated she would support a September interest rate hike if inflation remains persistently elevated. This comes as rising living costs, exacerbated by the Iran conflict, place significant strain on low-income Americans who are struggling to make ends meet.

In a recent interview, Collins stated her willingness to raise rates as early as September if data proves necessary. "I do think that economic conditions in the coming months might require tighter monetary policy, and in that case, I am prepared to raise rates," she said. It is worth noting that the Boston Fed president is not currently a voting member of the Federal Open Market Committee (FOMC), which sets interest rates.