The Federal Reserve Board may be far from finished raising interest rates despite its inaction last week, according to a careful watcher of the central bank.

"I think the Fed is still behind the curve on inflation," said Eugene J. Sherman, senior vice president and director of research at M.A. Schapiro & Co., New York.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.