Fed's Hammack Says Multiple Rate Hikes May Be Needed as Inflation Still Above Target

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.