FED’S HAMMACK: LOW-RATE ERA WAS THE EXCEPTION Cleveland Fed President Beth Hammack says the ultra-low rates of 2008–2020 may have been the abnormal period—not today’s higher-rate environment. She expects inflation to finish the year around 3%, above the Fed’s target. Hammack says financial conditions aren’t particularly restrictive and warns the Fed may need to raise rates, arguing that delaying action could bring greater pain later.(*Walter Bloomberg)