Cleveland Fed President Beth Hammack said inflation has yet to return to target and the Federal Reserve may need to deliver multiple rate hikes. She noted a single 25-basis-point increase would not have a major impact on the economy, while declining to forecast the exact number of hikes or the terminal rate. She added that the current 3.5%-3.75% range is not significantly restraining economic activity.
Cleveland Fed President Beth Hammack said inflation remains above target and the Federal Reserve may need to raise interest rates multiple times, according to ChainCatcher.
A single 25-basis-point hike would not "have a major impact" on the economy, she said, but declined to predict the exact number of increases or where rates will ultimately settle.
Hammack argued that the current federal funds rate range of 3.5%-3.75% is not imposing meaningful restraint on the economy. Businesses have not scaled back growth investment because of higher borrowing costs, she said, adding that "now is the time to act."
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