Key facts
- Federal Reserve Bank of Cleveland President Beth Hammack said inflation pressures remain elevated.
- Hammack stated that the US economy is growing at a solid pace and the labor market is near maximum employment.
- Hammack indicated that the inflation outlook continues to be highly uncertain, with risks tilted to the upside.
- Hammack warned that the longer high inflation persists, the more challenging and costly it will be to bring it back down.
Federal Reserve Bank of Cleveland President Beth Hammack said on Thursday that inflation pressures remain elevated and the longer this situation persists, the more challenging it will be to bring prices back to target. She noted that while the US economy is growing at a solid pace and the labor market is near maximum employment, inflation remains high with risks tilted to the upside. Hammack made these remarks in comments opening a conference at her bank.