Fed Policymakers Demand Rate Hikes Amid Sustained Inflation Fears

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

Beth Hammack, president of the regional Cleveland Fed, stated that 'inflation has been too high for too long.' She added that the longer high inflation persists, 'the more challenging and costly it can be to bring it back down.'

Neel Kashkari, president of the Minneapolis Fed, also dissented, saying that tightening policy incrementally would be better than waiting and eventually concluding that bolder actions were necessary.