Fed’s Hammack Is Still Worried About Outlook for US Inflation

Federal Reserve Bank of Cleveland President Beth Hammack said inflation that could stay above target until 2028 is a concern for her as she argues against interest-rate cuts.

Speaking in an interview with CNBC from Frankfurt, the policymaker observed that the central bank has missed its 2% goal for more than 4 1/2 years, and is likely to keep doing so for some time.

“I continue to see that we have pressure in inflation, both in the headline, in the core, and particularly where I’m worried about it is, I’m seeing it in services,” Hammack said. “My forecast is that ...