Fed Dissenters Push for Rate Hikes Amid Inflation Concerns

The US Federal Reserve's decision to keep interest rates steady has been met with dissent from three of its members, who believe that rate hikes are necessary to combat entrenched inflation.

In a statement, Beth Hammack, president of the Cleveland Fed, said, 'Inflation has been too high for too long. The longer that high inflation persists, the more challenging and costly it can be to bring it back down.'

She was joined in her dissent by Neel Kashkari, president of the Minneapolis Fed, who argued that 'if inflation remains elevated, in my view, a potential series of small policy moves would be better than waiting and eventually concluding that even bolder actions were necessary.'

Lorie Logan, president of the Dallas Fed, also dissented, stating that current interest rates are not sufficiently restrictive on economic activity.