Fed's Hammack Urges Action on Inflation

Federal Reserve Bank of Cleveland President Beth Hammack is calling for action to combat inflation. In a recent LinkedIn post, she stated that it's time for the US central bank to act to cool down inflation.

Hammack was one of three policymakers who dissented from the Fed's decision to hold interest rates steady in July. She believes that monetary policy is not sufficiently weighing on the economy right now, citing data and anecdotes from her district as evidence.

In her post, Hammack described a conversation with a manufacturer in Northeast Ohio who expressed concerns about double-digit inflation in his input prices. The manufacturer advised raising interest rates to address this issue.