Torsten Slok, chief economist at Apollo Global Management, said that key elements of Wednesday's inflation report will push the Fed to maintain higher interest rates for a longer period of time, even if consumers and businesses have begun to feel the impact of restrictive policies through credit tightening. “I don't think the Fed will raise interest rates further, but they still need to keep interest rates high to ensure that the service sector starts to slow down... People are still flying, eating in restaurants, staying in hotels, and attending sporting events and concerts. That's why you see super-core inflation, that is, consumer service inflation, performing quite well.”