Fed policymaker says inflation will require multiple rate hikes
TL;DR Summary
Cleveland Fed president Beth Hammack says inflation will require more than one 25bp rate hike; current rates aren’t meaningfully restraining growth, so acting now is prudent to hit the 2% target. She notes core PCE around 3.3% in June and CPI near 2.5–2.6%, and emphasizes that markets should complement, not substitute, Fed action.
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