Cleveland Fed president says stronger demand may require further rate hikes

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  Cleveland Fed President Beth Hammack said strong business demand and investment may mean interest rates need to rise further to control inflation.

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  She said current rates may not be restraining economic activity enough.

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  Hammack pointed to wage and tariff pressures in the field.

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  She recently visited industrial parts maker Jergens in Cleveland, Ohio, to learn about its business and factory operations.

Who

Beth Hammack, president of the Cleveland Federal Reserve Bank.

What

She said stronger demand may require further interest rate increases to bring inflation under control.

When

Not stated

Where

Cleveland, Ohio, where Hammack visited Jergens.

Why

Strong business demand and investment, along with wage and tariff pressures, may be keeping economic activity and inflationary pressure too high.

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