Cleveland Fed President Beth Hammack says inflation remains elevated, risks tilted to the upside, and supply shocks are a notable challenge. She warns that sequential supply shocks could entrench an inflationary mindset.
Cleveland Fed President Beth Hammack delivered opening remarks in Cleveland.
She stated the inflation outlook remains highly uncertain with risks tilted to the upside.
She said inflation remains elevated amid solid output demand.
She described supply shocks as a notable challenge for Fed policy right now.
She warned that the longer high inflation persists, the more challenging and costly it is to bring it back to target.
She cited a greater risk of an inflationary mindset taking hold if multiple supply shocks occur sequentially.
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