Fed's Hammack Says Treasury Rates Right Now Are "Modest" By Historic Standards; If The Economy Were To Return To A 3% Home Mortgage It Would Likely Mean Something Had Gone Wrong In The Economy; The Neutral Rate Is Likely Higher But It Is Hard To Pin Down; Hearing "Early Warning Signs" Of A Possible Problem With Inflation Expectations; Need To "Cool The Economy At The Margins"
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 leader says interest rates today are not super high by history. She thinks the Fed needs to slow the economy down a little bit.
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