Hammack Sees No Conflict in Fed’s Goals, Inflation Her Worry

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Or sign-in if you have an account.Beth Hammack Photo by Victor J. Blue /Bloomberg(Bloomberg) — Federal Reserve Bank of Cleveland President Beth Hammack said persistently high inflation is her bigger concern as consumer spending holds up and unemployment remains low.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Account“There is no conflict in our mandate,” Hammack wrote in a LinkedIn post published Friday. “Inflation is too high. The labor market is right around my level of maximum employment.”Hammack’s warning follows remarks by Dallas Fed President Lorie Logan who on Thursday called for higher interest rates, saying inflation doesn’t appear to be heading sustainably back to the central bank’s 2% target. Both Hammack and Logan vote on rate decisions this year on the Federal Open Market Committee.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Cleveland Fed chief said she is hearing broad-based concerns from business and community leaders about price pressures from energy costs, supply chain disruptions, insurance premiums and the artificial intelligence boom.“For the first time in my tenure, I’m hearing from businesses who say they think we need to take action to curb inflation, and from consumers who can’t make ends meet about a growing sense of despair,” said Hammack, who took her post almost two years ago. “I go into every FOMC meeting with an open mind and one goal — to deliver the best outcomes for the American people.”A growing chorus of Fed officials has warned the central bank may soon have to lift rates if inflation doesn’t decline toward their 2% target. Updated economic projections released in June showed half of 18 policymakers penciled in at least one quarter-point hike this year, while a few officials saw a case for raising rates last month. Fed officials will gather in Washington July 28-29.(Updates with Logan comments in third paragraph.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.