Fed's Hammack calls for higher rates to fight inflation
Cleveland Fed President Beth Hammack said the Fed needs to move to a restrictive policy stance, preferring smaller, steadier hikes but open to a larger move if it falls behind. Jobless claims came in slightly above forecasts.
What we know
Fed's Hammack said the central bank needs to move rates higher to reach restrictive policy, adding that recent inflation data show price pressures broadening and that the Fed has been missing on its inflation mandate for years. She prefers smaller, steadier moves but said a larger move could be needed if the Fed gets behind. Meanwhile initial jobless claims were 200K versus 195K expected, and continuing claims came in at 1.697M. These remarks are as relayed by market news accounts.
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