Cleveland Fed Chief on Need to Raise Rates

The President of the Federal Reserve Bank of Cleveland, Beth Hamack, stated that raising interest rates is necessary to curb inflation in the United States, which has remained above 2% for more than five years and is not expected to decline automatically. She mentioned that increasing the interest rate will reduce economic activity and ease inflationary pressures, although other Federal Reserve members preferred to keep the current rates between 3.50% and 3.75%. Despite this, U.S. economic growth slowed to 1.5% in the second quarter, against analysts' expectations of around 2.1%, amid inflationary pressures driven by rising energy prices and investments in artificial intelligence. Markets are also watching for a possible rate hike in the upcoming September meeting.

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