{
  "id": 14082470,
  "title": "Fed’s Hammack sees thriving economy, backs further rate hikes",
  "url": "https://urgent.news/2026/10/12/feds-hammack-sees-thriving-economy-backs-further-rate-hikes",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T21:50:29.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/feds-hammack-sees-thriving-economy-backs-further-rate-hikes-202610122150"
  },
  "original_language": "en",
  "account": "Beth Hammack, President of the Federal Reserve's Cleveland branch, expressed the need for further rate hikes to combat inflation, which is spreading beyond artificial intelligence (AI). She noted that other companies are also thriving and prepared to invest. While she doesn't want to stifle economic growth, Hammack indicated that business contacts suggest the economy is more robust than facing potential slowdowns. The Fed's dual mandate is to maintain price stability and foster full employment, with interest rates being the primary tool to achieve these goals. When inflation exceeds the 2% target, the Fed raises rates, increasing borrowing costs and strengthening the US Dollar (USD). Conversely, when inflation falls below 2% or unemployment rates are too high, the Fed may lower rates to encourage borrowing, which weighs on the greenback. The Fed meets eight times a year to assess economic conditions and make monetary policy decisions. The Federal Open Market Committee (FOMC) conducts these meetings, comprising twelve Fed officials from the Board of Governors, the New York Fed president, and four regional Reserve Bank presidents serving rotating terms. In extreme situations, the Fed could resort to Quantitative Easing (QE), a non-standard policy that involves the Fed printing more dollars and buying high-grade bonds from financial institutions, usually to stabilize a financial system crisis. Conversely, Quantitative Tightening (QT) is the reverse process, whereby the Fed stops buying bonds, which is generally positive for the US Dollar.",
  "summary": "Cleveland Fed President Beth Hammack said that further tightening is needed but reiterated earlier remarks that she is open “to adjusting the pace of rate increases.”",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Seeking Alpha News",
        "title": "Cleveland Fed's Hammack sees restrictive policy as appropriate",
        "url": "https://urgent.news/2026/10/12/cleveland-feds-hammack-sees-restrictive-policy-as-appropriate",
        "published": "2026-10-12T16:51:18.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Fed’s Hammack backs restrictive policy, says better if it comes ’relatively quickly’",
        "url": "https://urgent.news/2026/10/12/feds-hammack-backs-restrictive-policy-says-better-if-it-comes",
        "published": "2026-10-12T16:54:43.000Z"
      },
      {
        "outlet": "FXStreet",
        "title": "Fed’s Hammack sees higher neutral rate, urges more policy restraint",
        "url": "https://urgent.news/2026/10/12/feds-hammack-sees-higher-neutral-rate-urges-more-policy-restraint",
        "published": "2026-10-12T17:53:52.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}