Fed's Hammack, On Bloomberg, Says Inflation Will End Year Around 3%, Not Meeting Target; Does Not See Restricive Financial Conditions; It's Time For Fed To Act With Rate Hikes, Waiting Will Create Pain; Communicating Fed Issues To Public Is Part Of The Job; Markets Complement The Fed But Aren't Substitute For Fed; Fed Credibility Depends On Delivering On Dual Mandate; There Is Not Much Restriction In The Economy Right Now
-Bloomberg TV.
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Why It Matters
A Federal Reserve official said inflation will stay around 3% by year-end, above the Fed's 2% target. He thinks the Fed should raise interest rates now to fight inflation, and says the Fed's job is to deliver results and explain its plans to people.
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Source: Benzinga · Read the original report at the publisher. Headline and figures shown for context; data may be delayed.
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