Cleveland Fed President Hammack says higher interest rates may be needed to combat sticky inflation
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Cleveland Federal Reserve President Beth Hammack stated that tighter monetary policy may be necessary to ensure a timely return to 2% inflation, warning of the risks of an inflationary mindset. Speaking at the National Association of Business Economics annual gathering, Hammack advocated for making fast, incremental adjustments. Meanwhile, traders price in an over 78% likelihood that the central bank keeps rates unchanged at its October meeting, with a nearly 88% chance of a hike in December.
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