ICYMI - Cleveland Fed's Hammack says Fed should already be raising rates, more than one hike needed

Summary:Cleveland Fed president Beth Hammack told Yahoo Finance she expects it will take more than a single interest rate hike to bring down what she calls broadening inflation. She dissented at the Fed's July meeting, where she favoured raising rates by a quarter point rather than holding steady. Core PCE stood at 3.3% in June and core CPI at 2.6%, with economists expecting core CPI to ease to 2.5% in Wednesday's July release. Hammack dissented at the Fed's July policy meeting, where the FOMC opted to hold rates steady, arguing instead for a quarter point increase. The Fed's preferred inflation gauge, core PCE, stood at 3.3% in June, while core CPI came in at 2.6% for the same month.