Hammack Reiterates Support for Rate Hikes Amid Persistent Inflation
Cleveland Fed President Beth Hammack reaffirmed her support for additional rate hikes by the Federal Reserve, citing concerns over persistently elevated inflation. In a CNBC interview on July 27th, she stated that 'we're seeing more persistence in inflation' and emphasized the importance of acting to control it, saying, 'I'm confident that now is the time to act.'
Hammack's hawkish stance aligns with her previous comments at the July 28-29 Federal Open Market Committee (FOMC) meeting, where she advocated for a 0.25 percentage point rate hike alongside Dallas Fed President Lorie Logan and Minneapolis Fed President Neel Kashkari.
The dollar held firm in New York foreign exchange trading following Hammack's comments, with the dollar-yen pair trading around 159.32 yen and the euro-dollar pulling back from a high of $1.1660 to $1.1650.