Fed's Hammack says now is the time to act to help bring inflation lower

Federal Reserve Bank of Cleveland President Beth Hammack reiterated in a post Friday on LinkedIn her view that interest rates need to go up to combat "too high" levels of inflation.

"Both the hard data and the anecdotes are telling me the same thing: policy is not restrictive," Hammack wrote, noting the longer price pressures stay over 2%, the harder it will be to get them down. Based on comments from contacts in her district and how the data is coming in, Hammack said "what I'm hearing is that it's time to act," as she again made the case for a rate hike.