Cleveland Fed's Hammack Says 'Now Is Time to Act' to Bring Down Inflation

10:46 AM EDT, 08/27/2026 (MT Newswires) -- The Federal Reserve has been patient enough and needs to act now to bring down inflation, Cleveland Federal Reserve Bank President Beth Hammack said Thursday in an interview with CNBC at the annual Jackson Hole Fed Symposium. "I believe now is the time to act," Hammack said. "I believe we have been in an inflationary situation for more than five years. It has been running well above our target." Hammack is a voter on the Federal Open Market Committee in 2026 and dissented at the most recent FOMC meeting in favor of a 25-basis point rate increase. Hammack said that she sees businesses actively borrowing and not seeing the current level of interest rates as a restraint. "It is appropriate for us to put some restraint there to help bring inflation back down to target," Hammack added. "The longer inflation remains above our objective, the harder it will be for us to bring it back down and the more pain that individuals and businesses are going to be experiencing."