The Cleveland Fed president prefers the use of smaller, more frequent rate hikes but remains open on the timing of the next increase. She warned that prolonged inflation could become embedded in consumer and business expectations, which would make it more difficult for the Fed to restore price stability.
Tuesday, October 20, 2026
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Cleveland Fed Hammack Calls for More Rate Hikes to Reach 2% Target
US Markets8 days ago
Current monetary policy is not restrictive enough to combat persistent inflation risks, Cleveland Fed President Beth Hammack said in an interview with Barron's. Hammack argued that U.S. interest rates must rise further because the return to the Fed's 2% inflation target is too slow and companies are passing higher input costs to their customers.
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