Fed’s Hammack Says Interest Rates Should Still Weigh on Economy

Federal Reserve Bank of Cleveland President Beth Hammack said the US central bank should hold rates steady to keep reducing inflation.

“On balance, I think we need to remain somewhat restrictive to continue putting pressure to bring inflation down toward our target,” Hammack said Thursday in a fireside chat at the Pittsburgh Economic Club.

Hammack reiterated comments she made earlier Thursday, saying that while she’s concerned about the labor market, high inflation has been persistent, particularly hurting low- and moderate-income families.

Fed officials lowered interest rates for a second straight meeting last month, bringing their benchmark ...