The Federal Reserve’s short-term benchmark rate isn’t yet at a level high enough to sufficiently slow the U.S. economy to combat high inflation, but it should get there this year, a central bank official said Thursday.

“We are getting closer,” said St. Louis Fed President James Bullard during a talk to business leaders in St. Louis. “What we’re looking at is a combination of factors that are making it more likely that 2023 will be a disinflationary year.”

The…