Fed's Beth Hammack Warns Inflation Won't Fall on Its Own, Says Waiting Could Be a 'Costly' Mistake: 'Now Is the Time'

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Federal Reserve Bank of Cleveland President Beth Hammack said inflation remains too high and is unlikely to return to the Fed’s target without additional action from the central bank.

"Inflation has remained stubbornly above 2% ​for more than five years, and I am not ​confident it will return to our objective on its ⁠own," Hammack said in a statement on Friday.