Federal Reserve's Hammack questions public patience for 2% inflation target

Beth Hammack wants to know something uncomfortable: can Americans really stomach another three to four years of waiting for inflation to hit the Fed’s sacred 2% target?

The Cleveland Fed president, who dissented at the July 2026 FOMC meeting in favor of a 25 basis point rate hike, is making the case that patience isn’t just wearing thin. It might already be gone.

Five years and counting

Inflation has now exceeded the Fed’s 2% target for more than five years. Core PCE inflation, the Fed’s preferred gauge, sat at 3.3% as of June 2026. Core CPI came in at 2.6%.

A hawk finds her voice