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Cleveland Fed's Hammack calls for rate hike
Economy
Federal Reserve Bank of Cleveland President Beth Hammack said Thursday that the U.S. central bank should immediately raise interest rates.
This will help reduce elevated inflation and slow business growth and investment.
Speaking at the Dayton Area Chamber of Commerce in Dayton, Ohio, Hammack noted that companies remain eager to borrow and invest despite current economic conditions.
"When I talk to businesses, I hear that they are enthusiastic about raising capital, they are willing to borrow to continue investing. They see growth opportunities, and that's great; I want them to continue to see them, but too much growth... that could mean additional pressure on rising prices and increased inflationary pressures," Hammack said. She also added that monetary policy should have some moderation to bring inflation down from the current level above 3% to the Federal Reserve's target of 2%.