Fed's Hammack Says Do Not Take Anchored Inflation Expectations For Granted, With Businesses Planning Price Increases Beyond Any Rise In Input Costs A Sign Of Inflationary Mindset Taking Hold; Fed Officials Have A Responsibility To Explain Their Decisions; It Is Important To Spell Out Reaction Function So Businesses And Households Can Plan Effectively; If The Public Understands Where The Fed Is Heading, It Can Limit Market Volatility, Avoid Mistakes; A Reaction Function Is Not The Same As Committed Forward
https://www.clevelandfed.org/collections/speeches/2026/sp-20261012-trimming-the-sails-communicating-my-reaction-function
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Why It Matters
A Federal Reserve official warns that businesses are raising prices beyond their actual cost increases. This suggests inflation may be harder to control unless the Fed clearly explains its plans.
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