Fed's Hammack (2026 voter) says broad-based inflation and ongoing growth need restrictive monetary policy

Trend inflation currently in the mid-to-high 2% range, and expect it will take 'some time' to return to 2% target even with appropriate monetary policy. Would prefer Fed make 'smaller adjustments' to the policy rate but do so 'relatively quickly' Energy is not the only factor, with strong demand also contributing to price pressures Stable labour market leaves room to address inflation Do not take anchored inflation expectations for granted, with businesses planning price increases beyond any climb in input costs a sign of 'inflationary mindset' taking hold Fed officials have a responsibility to explain their decisions Feels it is important to spell out reaction function so businesses and households can plan effectively If the public understands where the Fed is heading, it can limit market volatility, avoid mistakes A reaction function is not the same as committed forward guidance