Business & Finance
Fed officials who voted to hike rates say action is needed now against inflation
Key Points
Federal Reserve officials who voted this week against the decision to hold interest rates steady said Friday they favor hiking now as a way to stave off inflation. "In my view, now is the time for the [Federal Open Market Committee] to act to speed the return of PCE inflation to our 2 percent objective and deliver on our commitment to price stability for the American people," Cleveland Fed President Beth Hammack said in a statement. "The longer that high inflation persists, the more...
Federal Reserve officials who voted this week against the decision to hold interest rates steady said Friday they favor hiking now as a way to stave off inflation.
"In my view, now is the time for the [Federal Open Market Committee] to act to speed the return of PCE inflation to our 2 percent objective and deliver on our commitment to price stability for the American people," Cleveland Fed President Beth Hammack said in a statement. "The longer that high inflation persists, the more challenging and costly it can be to bring it back down."
Similarly, Minneapolis Fed President Neel Kashkari said he believes small hikes now can prevent the need for larger moves later.
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