Fed's Hammack tells Fox Business inflation likely to ease slowly

Aug. 27 (Reuters) - Federal Reserve Bank of Cleveland President Beth Hammack said Thursday the U.S. central bank is unlikely to get price pressures back to target even by next year, in an interview that also saw her reiterate her belief a rate hike is needed to quell high inflation.

“My forecast is that inflation is going to end this year around 3% and I think we're not going to make significant progress next year, I think we'll get to maybe mid-twos at best,” she said in an interview with Fox Business Network’s Edward Lawrence. The Fed's main price pressure gauge was up by 3.7% year-over-year in July against the 2% target.