Cleveland Fed's Hammack Urges Rate Hike to Combat Persistent Inflation

Cleveland Federal Reserve President Beth Hammack is intensifying her call for the central bank to raise interest rates, arguing that current policy is not sufficiently restrictive to bring down persistent inflation. Speaking at the Fed's annual symposium in Jackson Hole, Wyoming, on Thursday, August 27, 2026, Hammack declared, "I believe now is the time to act," emphasizing that inflation has remained above the Fed's 2% target for more than five years. Her remarks, delivered in interviews with CNBC and Fox Business, come as recent data shows inflation still hovering near 3% annualized.