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Fed's Hammack Advocates Steady Rates Amid Inflation Concerns

12/21/2025

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Summary

Story summary

Beth Hammack, president of the Federal Reserve Bank of Cleveland, says rates should stay unchanged for the near term.
She opposes recent rate cuts aimed at addressing labor-market issues.
The current policy rate of 3.5%–3.75% is appropriate.
She expects inflation trends to clarify by spring as tariffs from U.S. President Donald Trump's administration are processed.
She will be a voting member of the Federal Open Market Committee next year.

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Story summary

Beth Hammack, president of the Federal Reserve Bank of Cleveland, says rates should stay unchanged for the near term.
She opposes recent rate cuts aimed at addressing labor-market issues.
The current policy rate of 3.5%–3.75% is appropriate.
She expects inflation trends to clarify by spring as tariffs from U.S. President Donald Trump's administration are processed.
She will be a voting member of the Federal Open Market Committee next year.