Fed official urges rate hike
The President of the Cleveland Federal Reserve Bank, Beth Hamack, confirmed that it is time to take action to reduce inflation, noting that current interest rates are not slowing the economy enough to ease price pressures. She stated that it is appropriate to impose additional monetary restraints to help bring inflation down to the target, emphasizing that policies need to take action before controlling inflation becomes difficult as it continues to rise. The Federal Open Market Committee maintained the key interest rate for the fifth consecutive time, despite the inflation indicator remaining steady at 3.7% in July—unchanged from June—with core inflation also staying at 3.3%. These statements indicate the Federal Reserve's continued commitment to tightening monetary policy to contain inflation, despite the stability of current data.
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