Fed's Hammack Calls for Raising Rates Amid Inflation Pressures

Cleveland Fed President Beth Hammack said “it’s time to act” on hiking rates at the Jackson Hole Economic Policy Symposium, signaling a more hawkish stance on policy tightening. She also weighed how interest rates and the Fed’s balance sheet can be used as tools, reinforcing the risk of higher-for-longer rates. The remarks are likely to pressure rate-sensitive assets and influence expectations for further hikes.