Cleveland Fed’s Hammack Sees No Case for Rate Cuts Amid Persistent Inflation and Tariff Uncertainty

Cleveland Fed President Beth Hammack has pushed back against calls for rate cuts, emphasizing that inflation remains too high and is trending upward. She cautioned that current inflation data only begins to reflect the impact of tariffs—and broader pricing pressures may emerge more clearly in the coming year

Hammack highlighted that the economy is holding steady, and maintaining current rates poses limited downside risk. But she argued a cautious stance remains essential given the unpredictable trajectory of tariff-driven inflation