Beth Hammack, president of the Cleveland Fed, defended keeping interest rates restrictive to better control inflation. She said more frequent rate adjustments may be needed to prevent monetary policy from lagging behind economic developments. The latest Consumer Price Index data show inflation above the Federal Reserve’s 2% target. Following her comments, market-implied expectations for another rate hike in 2026 fell from 78% to 67%. Future inflation releases, Federal Reserve communications and economic indicators such as employment are expected to shed light on the direction of monetary policy.
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