Hammack, Fed Member: Interest Rates Should Be Higher

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Cleveland Fed President Hammock has been warning for more than a year about the risks of continued high inflation and urging other monetary policymakers to act to counter it.

I prefer interest rates to change in smaller steps but more frequently.

The current monetary policy is not sufficiently contractionary.

The process of returning inflation to the target level is too slow.

There is a risk of stabilization of high inflation in the economy.

Companies are passing on the higher costs of production inputs to customers.

As for the right time to change monetary policy, I will continue to review the situation with an open mind.

Inflation is still above the desired level and the Federal Reserve has not been able to achieve its 2% inflation target for the past five and a half years.

The biggest risk is the formation and stabilization of inflation mentality among people and businesses.