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Fed's Hammack (22026 voter) says price stability is responsibility of central banks; inflation remains elevated amid solid output demand; inflation risk tilted towards the upside; supply shocks a notable challenge for Fed policy right now

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Fed's Hammack stated price stability is central banks' duty, noting elevated upside inflation risks, highly uncertain outlooks, supply shock challenges, and a labour market near full unemployment.

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The longer inflation remains high, the harder it is to bring it back to target. Inflation outlook remains highly uncertain. Labour market remains close to full unemployment.

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