Fed Official Hopes to Cool Inflation Without Job Losses
Cleveland Fed President Beth Hammack hopes to lower inflation without harming employment. She believes restrictive monetary policy could cool investment and wealth gains driving demand.
Cleveland Federal Reserve President Beth Hammack said on Monday that monetary policy must cool corporate investment or wealth-driven consumption to tame inflation without raising the 4.2% jobless rate. The remarks offer an explicit roadmap from a regional central bank chief aiming to curb persistent pricing pressures in the United States. Hammack hopes restrictive rates can temper robust economic demand without triggering widespread layoffs.
