Beth Hammack, President of the Federal Reserve Bank of Cleveland, has called for immediate action on interest rates, arguing that the current federal funds rate is not restrictive enough. She expressed this position after dissenting at the Fed’s July 2026 meeting, proposing a 25-basis-point rate hike while the Committee maintained the target range at 3.50% to 3.75%. Market expectations for a rate hike at the September meeting have declined to 30%, down from 36% 24 hours ago, suggesting a mixed reaction to Hammack’s statements. Some Fed officials are still considering additional tightening by year-end to prevent inflation from becoming entrenched.
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