Fed’s Hammack says time to act on inflation

Investing.com -- Federal Reserve Bank of Cleveland President Beth Hammack stated Friday that the US central bank needs to take action to reduce inflation.

Hammack shared her views in a LinkedIn post, saying current data and reports from her district indicate that monetary policy is not putting enough pressure on the economy.

The Cleveland Fed president was one of three policymakers who voted against the Fed's July decision to keep interest rates unchanged. In her Friday post, she referenced a discussion with a manufacturer in Northeast Ohio who urged the Fed to raise interest rates due to double-digit inflation in many input prices.

The Federal Open Market Committee will meet Sept. 15-16 to decide on interest rates. Fed officials enter a communications blackout period at midnight.

Following a strong jobs report released Friday, investors now place the probability of a rate increase at the September meeting at slightly above 60%.

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