Fed’s Hammack: Restrictive monetary policy needed to cool inflation

NEW YORK (Reuters) -Federal Reserve Bank of Cleveland President Beth Hammack said on Thursday that interest rate policy should remain restrictive so it can put downward pressure on still concerning levels of inflation.

“This is a difficult time for monetary policy” given challenges to the Fed’s inflation and job mandates, Hammack said in an appearance before the Pittsburgh Economic Club.

“But when I look at both of those things, on balance, I think we need to remain somewhat restrictive to continue putting pressure to bring inflation down towards our target,” she said.