Fed's Hammack (Voter, Hawkish dissenter) says current rate is not meaningfully restricting the economy; would probably need some number of rate hikes, has no intention to prejudge the number of rate increases or the final level

Policy "I would say in general, one 25 basis point move probably doesn't do a whole lot for the economy," "When I'm talking to businesses, I'm not hearing that they're sensing any restraint from investments in growth based on where interest rates are," "So to me that says that now is the time to act." She cautioned that the longer the Fed waits, the longer it misses its inflation goal of 2% and the harder inflation will be to bring back down. "Markets are a complement for the Fed," "They're not a substitute. We have to stand behind our words with our actions when appropriate. And so certainly I'm going to factor in how markets are performing, how they're interpreting what we're saying, but ultimately that's not a substitute for us taking action when it's necessary." Inflation On inflation, "i just do not see it coming back on its own", "Nothing would make me feel better than to be wrong, that we need to change the stance of policy to help bring inflation back to target," Labour market She noted that over the past 12 months, payrolls have been adding an average of 20,000 to 25,000 jobs, and said the unemployment rate of 4.1% is right around her estimate of full employment. "I'm still not seeing a problem" with the job market Forward Guidance Fed has credibility built through transparency of it commitment to 2% inflation. "But that doesn't mean giving forward guidance. That means helping to explain our reaction function. It means telling the public how any new piece of data that comes in will impact our overall mosaic and will help inform our decision-making."