Federal Reserve Bank of Dallas President Lorie Logan said there has been some “welcome progress” in tackling inflation but that it’s still too high.

“I’m not yet convinced” that inflation is trending down to the central bank’s 2% target, Logan said Thursday during a moderated discussion organized by the Money Marketeers of New York University.

Logan, who votes on policy this year, said policymakers must continue watching economic data and broader financial conditions.

“It’s important that we have continued restrictive financial conditions,” she said, adding that she is looking at the Fed funds rate and financial conditions, such as the recent rise in long-term rates.

US central bankers left their policy rate unchanged last month in a range of 5.25% to 5.5% and their forecasts showed 12 of 19 officials wanted one more hike this year. Investors expect policymakers to hold rates steady for a second straight meeting when they meet next on Oct. 31 and Nov. 1, according to pricing in futures markets.

In response to a question about when the Fed might start cutting interest rates, Logan said she’s “not thinking about that right now.”