Cleveland Federal Reserve Bank Governor Beth Hammark reiterated that policymakers should act now to curb inflation. She added that interest rates are currently not suppressing the economy enough to allow price pressure to fall back on its own. In an interview in Jackson Hole, Wyoming on Thursday, Hamak said, “I think we should apply a certain deterrent effect to help inflation fall back to the target level. The longer inflation is above target, the harder it is for us to push it back into the target range.” At last month's policy meeting, a total of three officials voted against it. Hamak was one of them. She advocated a 25 basis point increase in interest rates. Policymakers ultimately kept the benchmark interest rate unchanged for the fifth time in a row. According to data released by the US Bureau of Economic Analysis on Wednesday, the personal consumer spending price index, the Federal Reserve's key reference inflation index, rose 3.7% year on year in July. Excluding volatile food and energy prices, the increase in core indicators slowed to 3.3% year over year.

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