Fed’s Hammack: Monetary Policy Needs to Turn Restrictive

Cointime update: Federal Reserve’s Beth Hammack said on November 5 that monetary policy needs to move to a restrictive stance, noting inflation has been too high and is moving in the wrong direction. She said gradual rate hikes cause less disruption to the economy and financial system and that she favors frequent, small rate adjustments. Hammack also said Fed independence is essential to bringing inflation down to 2%.