Cleveland Fed President Urges Immediate Rate Increase to Rein in Inflation - The MortgagePoint

Interest rate hikes go global

Global inflation is experiencing a renewed upward tick driven by recent energy price spikes from the Iran war and supply chain pressures, among other challenges to keeping prices low. After years of postpandemic inflation cooling, central banks across the world have recently raised rates, and some analysts predict the Federal Reserve could do the same, despite pressure against it from President Donald Trump. It’s no academic exercise. Interest r…

Cleveland Fed President Urges Immediate Rate Increase to Rein in Inflation - The MortgagePoint

Beth Hammack, one of three dissenters at the Fed's July meeting, said Thursday that inflation must return to 2% faster than the current path allows. Beth Hammack, one of three dissenters at the Fed's July meeting, said Thursday that inflation must return to 2% faster than the current path allows.

Fed Rate Hikes Return as Hammack Says Core Inflation Still Exceeds Target

Fed rate hikes drew a renewed call from Beth Hammack before the September meeting. Core CPI eased to 2.5%, while the Producer Price Index recorded no monthly change. The July Fed vote was 9–3, with three policymakers supporting a quarter-point hike. Cleveland Fed President Beth Hammack’s call for immediate rate hikes matters because it could affect more than Wall Street. If the Fed turns more hawkish again, borrowing costs, mortgage rates, credi…