US official urges immediate rate hike

The President of the Cleveland Federal Reserve, Beth Hampack, calls for an immediate increase in U.S. interest rates to combat high inflation, arguing that continued strong economic growth could put additional pressure on prices and lead to further inflationary problems. She points out that the data show a partial improvement in inflation but that this does not justify pausing the monetary policy tightening. She added that the Federal Reserve’s job is to bring inflation back to the 2% target as quickly as possible. She emphasizes that there is internal disagreement about the course of policy and stresses the need for immediate steps to curb inflation.

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