Fed's Hammack warns inflation may require action ‘soon’

Beth Hammack, President of the Federal Reserve Bank of Cleveland, struck a distinctly hawkish tone on Tuesday, warning that persistent inflation risks may eventually require a policy response.
Key Quotes

Reasonable to keep rates steady for now given uncertainties.

The Fed may need to act soon if inflation trends don't cool.

There are risks to waiting for signs high inflation is becoming embedded in the economy.

Main concern is the growing risk of persistent inflation pressures.

Worried monetary policy may not be tight enough to lower inflation.

Remains firmly committed to getting inflation back to 2%.

Economy is facing a broadening array of factors driving up inflation.

Sharp energy shocks are hard for monetary policy to deal with.

Unemployment rate is around full employment levels.

Job market data point to stability.