Dallas Fed President Lorie Logan said the benchmark federal-funds rate needs to rise by at least another 50 basis points following last month's quarter-point hike.

Logan, a voting member of the Fed's rate-setting committee, said during remarks at an event in Dallas on Thursday that the additional half point or more is necessary to balance the outlook and risks as the Fed looks to get inflation under control.

"A balanced labor market and inflation trending above target mean the stance of policy has been offsides," Logan said, adding that stabilizing prices "will require tighter monetary policy."

Logan didn't provide a timeline for raising the rate, and said only that a few more increases in the target range would reverse the precautionary rate cuts the Fed made last fall as insurance against a potential economic slowdown.

The comments come amid a volley of public speeches from Fed officials in recent weeks that suggest more rate increases are coming, but offer little insight on whether those hikes will arrive before the end of this month, the end of this year or beyond.

Fed governor Philip Jefferson said Thursday that the central bank may need more time to gather data about the direction of the economy before making any further rate adjustments. His words echoed those of New York Fed President John Williams, who cautioned earlier this week against rushing forward with a rate increase at the Fed's meeting later this month.

The odds of a hike at the October Fed meeting has plummeted throughout the week, falling to a 25% chance on Thursday from a more than 70% chance on Monday, according to CME Group data.