Beth Hammack backs gradual Fed rate hikes to curb inflation
In short
Cleveland Fed President Beth Hammack said the Fed still needs more rate hikes to get inflation down to 2%.
She wants smaller rate moves more often so households and markets are hit less hard. Her comments suggest she thinks current policy is still not tight enough.
What the reporting says
Cleveland Fed President Beth Hammack said the Federal Reserve needs additional rate hikes to bring inflation to 2%. She argued for smaller, more frequent adjustments to limit the impact on households and markets, according to the summary. Hammack said the current policy is not restrictive enough, after the last Fed meeting disappointed her.
Why it matters
Cleveland Federal Reserve President Beth Hammack called for additional rate hikes and said smaller, more frequent moves would reduce the strain on households and markets. Her comments, as summarized, suggest she views current monetary policy as insufficiently restrictive after the last Fed meeting. The remarks matter for interest-rate expectations, inflation and broader financial markets.