Fed's Hammack: It is a challenging time for monetary policy
- We have pressure in inflation, particularly in services
- Labour market looks broadly in balance
- We need to maintain a restrictive stance on policy
- Forecast to remain above inflation target for probably next 1-2 years
- More difficult to see that tariffs will be a one-time impact
- Will not get to 2% inflation target until end 2027/early 2028