Hammack Calls for Rate Hikes to Meet Inflation Target

Cleveland Fed President Beth Hammack has expressed her hawkish views on monetary policy, stating that interest rates are not restrictive enough to achieve the Federal Reserve's 2% inflation target. In an interview with Yahoo! Finance, Hammack noted that a single 25 basis point rate hike may not have a significant impact on the economy.

Hammack emphasized that she is not hearing from businesses that they are sensing any restraint from investments in growth due to current interest rates. She also stressed that the longer the Fed waits to act, the more it misses its inflation goal.