Cleveland Fed President Beth Hammack said on Monday the US central bank should move "relatively quickly" to a restrictive monetary policy stance in order to control inflation she feels has become more broad-based and is starting to influence firms' price-setting plans.
"I see inflation pressures as relatively broad-based rather than concentrated in one component. Energy has been making headlines this year, with prices rising for oil, retail gasoline, and diesel, but it isn't the whole story," Hammack said in remarks prepared for delivery to a National Association for Business Economics conference. Her remarks cited recent conversations in her district with firms planning to boost prices faster than their input costs are rising.
