Cleveland Federal Reserve president Beth Hammack said Monday she anticipates more than one interest rate hike will be required to rein in what she calls broadening inflation.
“I would say in general, one 25 basis point move probably doesn’t do a whole lot for the economy,” Hammack told Yahoo Finance in an interview. “So it’s probably some number of [movements]. But I don’t want to prejudge what that number is going to be.”
She added, “I don’t know exactly where we will end.”
Hammack dissented at the Fed’s July policy meeting when the Federal Open Market Committee held interest rates steady, preferring to have raised rates by a quarter percentage point.
Jennifer Schonberger | Yahoo Finance