Fed's Hammack calls for rate hikes, says policy not restrictive enough
Cleveland Fed President Beth Hammack crossed the wires on Monday and was hawkish, noting that the current rate is not “meaningfully restricting the economy” and that there is a need for some number of rate hikes.
Cleveland Fed President Beth Hammack expressed a hawkish stance on Monday, stating that the current interest rate is not restrictive enough and that additional rate hikes are necessary. In an interview with Yahoo! Finance, Hammack explained that a single 25 basis point move may not have a significant impact on the economy. She also noted that when discussing with businesses, she hasn't heard concerns about investment restraint due to current interest rates.
Hammack emphasized that the longer the Fed delays in raising rates, the further it strays from the central bank's 2% inflation objective.
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