Hammack Warns of Inflationary Mindset in America

Cleveland Federal Reserve Bank President Beth Hammack expressed concern that persistently high inflation could lead Americans to view elevated prices as normal.

In a recent speech, Hammack stated that she is worried about an inflationary mindset taking hold, particularly given that inflation has remained above the Fed's target for more than five years.

The personal consumption expenditures price index was up 3.7% in July from a year earlier, and even underlying inflation is above the Fed's 2% goal, according to Hammack.