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$XAU Hammack backs gradual interest rate hikes as spending on artificial intelligence grows

Cleveland Federal Reserve President Beth Hammack renewed her call for higher interest rates on Thursday, noting that investments in artificial intelligence infrastructure are intensifying persistent inflationary pressures. In a speech to students at Ohio State University’s Fisher College of Business, Hammack stressed the need for the central bank to adopt a restrictive monetary policy to bring price growth back to its 2% target before an inflationary mindset becomes entrenched in markets.
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