Hammack Says Now's the Time to Act on Inflation

According to Federal Reserve Bank of Cleveland President Beth Hammack, interest rates are not sufficient to curb inflation on their own. In an interview with CNBC in Jackson Hole, Wyoming, Hammack emphasized that now is the time for officials to take action and contain price pressures.

Hammack stated that keeping inflation above target will make it harder to bring it down in the future. She believes that 'it's appropriate for us to put some restraint there to help bring inflation back down to target.'

The Fed's focus on containing inflation is a pressing concern, particularly as Hammack noted that the longer prices remain above objective levels, the more challenging it will be to reduce them.