Fed's Hammack: Inflation Still Too High, Now Is the Time to Act
- Federal Reserve official Hammack stated that current monetary policy is not restrictive enough based on economic data and business feedback from the Fourth Federal Reserve District.
- A medium-sized manufacturing company in northeastern Ohio told Hammack that businesses face double-digit increases in input costs and believe the FOMC should raise rates despite typical negative effects of high interest rates on the industry.
- Hammack noted that inflation currently remains above 3%, the labor market is stable and near maximum employment levels, and businesses report rising costs forcing difficult choices.
- Hammack emphasized that the longer inflation stays above target, the harder it will be to bring down, and stated 'it's time to act' based on current signals from economic data and corporate feedback.
Federal Reserve official Hammack stated on September 5 that after communicating with businesses in the Fourth Federal Reserve District, both economic data and corporate feedback indicate that current monetary policy is not restrictive enough. She emphasized that inflation remains too high and action is needed.
Hammack highlighted feedback from a medium-sized manufacturing company in northeastern Ohio, whose leadership told her that despite the industry typically being negatively affected by high interest rates, the company believes the Federal Open Market Committee should raise rates. The company faces double-digit increases in many input costs, reflecting broader inflationary pressures affecting businesses in the region.
Currently, inflation stands above 3%, while the labor market remains stable and close to maximum employment levels. Hammack noted that businesses in the Fourth District are reporting rising costs and are forced to make difficult operational choices. She stressed that the longer inflation remains above the Federal Reserve's target level, the more challenging it will become to bring it down. Concluding her remarks, Hammack stated, 'What I'm hearing now is that it's time to act,' signaling her view that monetary policy adjustments are warranted.
美联储哈默克：通胀仍过高，现在是采取行动的时候
美联储官员哈默克在9月5日表示，在与第四联邦储备区的企业沟通后，经济数据和企业反馈均表明当前货币政策的限制性不足。她强调通胀仍然过高，需要采取行动。
哈默克重点提及了俄亥俄州东北部一家中型制造企业的反馈，该企业领导层告诉她，尽管该行业通常受高利率负面影响，但企业认为美联储应该加息。该公司面临许多投入成本的两位数增长，反映了该地区企业面临的更广泛通胀压力。
目前通胀率在3%以上，而劳动力市场保持稳定，接近最大就业水平。哈默克指出，第四联邦储备区的企业报告成本上升，被迫做出艰难的运营选择。她强调，通胀在美联储目标水平以上维持的时间越长，将其降低就越困难。在总结发言时，哈默克表示，'我现在听到的是该采取行动的时候了'，表明她认为货币政策调整是必要的。