Cleveland Federal President Calls for Urgent Rate Hike
The President of the Federal Reserve Bank of Cleveland, Janet Hamer, emphasized the urgent need to raise US interest rates immediately to reduce the high inflation rate, which exceeds 3%, with the goal of achieving the target level of 2%. She explained that recent data do not indicate a change in the trend despite improvements in inflation indicators, and that inflation remains high more than five years after reaching the target, requiring a rapid reduction. She also pointed out that economic challenges are increasing, as traders tend to raise prices due to future uncertainty, and rising living costs are putting pressure on families, especially those with good jobs who are forced to rely on food banks. Her statements underscore the necessity of a strict monetary policy to bring inflation below 2% in the future.
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