Central Banks
Fed’s Hammack Says Officials Have More Work to Do on Inflation
- New Cleveland Fed chief sees good progress on inflation
- Geopolitics, housing still represent price-pressure risks
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Federal Reserve Bank of Cleveland President Beth Hammack said that while progress on lowering inflation had resumed in recent months, officials aren’t yet ready to declare their mission accomplished.
“We have made good progress, but inflation is still running above the FOMC’s 2% objective,” Hammack said Thursday, referring to the rate-setting Federal Open Market Committee. “The pandemic and its aftermath have been a reminder that differing movements across the components of inflation can have important implications for the path of aggregate inflation.”