Cleveland Fed President emphasizes stubborn inflation tendency inclined to keep interest rates unchanged

Cleveland Federal Reserve President Beth Hammack stated that, amid a slowdown in the labor market, her focus remains on maintaining price stability, and achieving the Federal Reserve's 2% inflation target is crucial. Hammack said in an interview with MarketWatch on Thursday, "I am indeed concerned about the labor market. But we still face persistent high inflation, which may continue for several years." She stated, "When you talk to those low-income and middle-income families, and hourly wage workers, they are indeed facing difficulties." Hammack pointed out that current inflation is mainly concentrated in the service sector, rather than imported goods.