Cleveland Fed's Hammack backs restrictive policy, says better if it comes 'relatively quickly'

Cleveland Fed President Beth Hammack has expressed her support for a restrictive monetary policy to combat rising inflation. This means the Federal Reserve would raise interest rates to slow down the economy and reduce demand for goods and services, which in turn would help to lower prices. Hammack believes that implementing this policy relatively quickly is better than waiting, as it would help to keep inflation on target at 2%.

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The Cleveland Fed President is calling for a strict monetary policy to combat inflation. This could lead to higher interest rates and a stronger US dollar, which may impact investor sentiment and borrowing costs.

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