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Beth Hammack

President and CEO, Federal Reserve Bank Of Clevel

Search every verified Beth Hammack interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland, has recently participated in several public events and media interviews focused on monetary policy and inflation. In August 2026, she spoke at the Jackson Hole Economic Policy Symposium, where she told Bloomberg that interest rates are "the clearest, most transparent, easiest-to-communicate tool that we have" and expressed support for raising rates to address inflation. In a separate CNBC interview, she said "now is the time to act" on rate increases, citing persistent inflation above the Fed's 2% target for more than five years. She also told Fox Business that she sees the labor market "broadly in balance" and dissented at the last Federal Open Market Committee meeting in favor of a rate hike. In September 2026, Hammack delivered opening remarks at the annual Inflation: Drivers and Dynamics conference co-hosted by the Cleveland Fed and the European Central Bank, and participated in a policy panel discussion with international central bank officials. During these appearances, she discussed the risk of an "inflationary mindset" taking hold in the U.S. economy and the real costs of persistently high inflation for individuals and businesses. In October 2026, she appeared on PBS News Hour, where she commented on the September jobs report, noting that monthly payroll numbers are variable but that the unemployment rate has remained stable. She also spoke at a Dayton Area Chamber of Commerce event in August, where she reiterated her view that the Fed should act to bring inflation back to target.

Recent appearances

Verified interview transcripts

Notable quotes

“So -- but that's what I'm calling an inflationary mindset. That's where individuals and businesses become more accepting, more tolerant of inflation. They accept it as a fact of life and they don't push back against it. What that means is, what I heard from a business owner in the southern part of our district, a retailer, who said that they have had so many different supply shocks that have been increasing their pri”

“I don't make too much of any one individual report. There tends to be a lot of variability in the month-by-month numbers that come out from the payroll statistics. On average, what we have seen over the past 12 months is 41,000 new jobs being created each month. That's largely in line with my estimate of what the break-even is, which was borne out by the fact that the unemployment rate, which I think is the single be”

“Persistently high inflation has real costs for individuals and I'd say I think about it sort of in two different in two different ways. One is to the extent that the costs of goods and services are increasing faster than the costs of wages, there's a real degradation in income. And certainly for people who are on fixed incomes um or you know in retirement, it can have really persistent problematic effects in their ab”

“From my perspective, the biggest risk that I see with inflation right now is that an inflationary mindset could start to set in the US. We've been missing on our inflation objective for more than 5 and a half years. Um, and we had a number of factors that have happened over that period. There have been a variety of supply shocks. Um, certainly the pandemic in the first instance. Um and then as a in 2024 after we'd ma”

“The conventional view is that monetary policy should look through a supply shock. The thinking behind that, as all of you well know, is that supply shocks tend to be transitory and lead to a one-time increase in the price level rather than a persistent increase in inflation or inflation expectations. Thus, policymakers can look through them when determining the appropriate path of policy. But when the environment is ”

“Current conditions in the United States indicate that output is growing at a solid pace and the labor market remains close to my definition of maximum employment, but inflation remains elevated and it has now run above the FOMC's 2% inflation objective for more than 5 years. The inflation outlook continues to be highly uncertain with risks tilted to the upside. One aspect that is proving especially challenging for mo”

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