Federal Reserve's Hammack says restrictive policy needs to be maintained to curb inflation

Federal Reserve's Harker stated that the Fed needs to ensure its monetary policy remains restrictive to reduce inflation; if no progress is made in lowering inflation, inflation expectations could change; the greatest risk to inflation is the development of an “inflationary mindset,” and there are concerns that demand-related pressures could push inflation higher, while capital expenditures will put pressure on inflation for some time. He also noted that economic growth remains solid and the labor market is stable.