{
  "id": 18318312,
  "title": "Fed’s Hammack favors gradual rate-hike path to lower inflation",
  "url": "https://urgent.news/2026/11/05/feds-hammack-favors-gradual-rate-hike-path-to-lower-inflation",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T14:00:47.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/economy-news/feds-hammack-favors-gradual-ratehike-path-to-lower-inflation-5004429"
  },
  "original_language": "en",
  "account": "The Cleveland Federal Reserve President, Beth Hammack, expressed concern on Thursday that the US central bank still has significant work to do to reduce inflation to its 2% target. Inflation pressures remain \"unacceptably high,\" she said. Hammack expects monetary policy to move to a \"restrictive stance\" to bring inflation back to the 2% target in a timely manner. While she did not specify when the Fed might raise rates next, she advocated for more frequent, smaller adjustments to avoid disrupting households, businesses, and financial markets. Gradual increases would also reduce the risk of policy falling behind and an inflationary mindset taking hold. The Fed last week maintained its benchmark interest rate within the 3.75%-4.00% range, acknowledging that inflation was too high. Hammack, along with Fed Governor Lisa Cook, voted to raise rates last week, while others favored leaving rates unchanged. Hammack argued that monetary policy and financial conditions are not providing enough restraint on the economy to bring inflation under control, necessitating higher short-term borrowing costs. In her Zurich speech, Hammack emphasized the importance of central bank independence for achieving stable inflation, crediting the Fed's credibility as an institution that operates on evidence and economic data. She highlighted the dollar's critical role on the global stage, noting that it remains the world's reserve currency due to the strength of US institutions and legal system. The dollar's status depends on preserving these fundamental qualities. Hammack also said the dollar's role is not likely to change imminently, despite the possibility that its share of global reserves may have peaked. She added that cryptocurrencies, due to their price volatility, do not currently pose a threat to the dollar's status.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Fed's Hammack: Gradual rate-hike path best way forward for policy",
        "url": "https://urgent.news/2026/11/05/feds-hammack-gradual-rate-hike-path-best-way-forward-for-policy",
        "published": "2026-11-05T13:59:47.000Z"
      }
    ]
  },
  "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."
}