Fed Dissenters Push for Rate Hikes Amid Sustained Inflation Concerns

Two US Federal Reserve policymakers dissented from the central bank's decision to keep interest rates steady, calling for rate hikes to combat sustained inflation.

The Fed kept rates at 3.5% to 3.75% for its fifth straight meeting on July 29, with three members dissenting in favor of a quarter-percentage-point rate hike.

Beth Hammack, president of the Cleveland Fed, said 'inflation has been too high for too long.' She noted that prolonged high inflation can be challenging and costly to bring back down.

Neel Kashkari, president of the Minneapolis Fed, also dissented, stating that he believed it was necessary to 'tighten policy incrementally' as more data on inflation and employment becomes available.