Fed’s Hammack believes monetary policy is not yet restrictive enough, while inflation remains high and action is needed. She made this assessment after speaking with businesses in the 4th Federal Reserve District.

Hammack said that economic data and feedback from businesses are sending the same signal. Inflation remains above 3%, while the labor market is stable and close to the level of full employment that she estimates.

A leader of a medium-sized manufacturing business in northeast Ohio said the company still supports the FOMC raising interest rates, even though the manufacturing industry is often affected by high borrowing costs. The business is facing double-digit increases in many types of input costs.

Hammack said businesses in the region are seeing rising costs and having to make difficult choices. She will continue to monitor economic data along with feedback from businesses, and believes action is needed when inflation stays above the target for too long.

Source: https://tintucbitcoin.com/hammack-lam-phat-van-qua-cao-da-den-luc-hanh-dong/

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