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Story summary
- Cleveland Federal Reserve President Beth Hammack said policy is not restrictive enough and several hikes are needed to bring inflation back to the 2% target.
- She was one of three members who dissented from the Fed’s decision to keep rates at 3.50%–3.75% and noted inflation has stayed above 2% for over five years.
- She said the labor market shows no problems and the economy stays resilient despite higher borrowing costs.
