Fed's Hammack: The jobs market is right around full employment, growth looks good
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Inflation is still too high We may need to consider rate hikes Core inflation is elevated, it's not just an energy story Will go into meeting with an open mind, won't prejudge outcomes Sees a broad based story for high inflation Core services inflation has been high There is conc
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More from Fed's Hammack: I need to keep an open mind about the next policy move
The desk interprets Cleveland Fed President Hammack's recent comments as indicative of a cautious approach to future monetary policy, reflecting rising concerns about entrenched inflation expectations among businesses. Per the full note [source], Hammack's emphasis on keeping an open mind suggests that the Fed may not be as aggressive in its tightening cycle as previously anticipated. This aligns with broader market sentiment that is increasingly wary of inflation's persistence, which could influence currency valuations. With the current consensus target for EUR/USD at 1.075, traders should remain vigilant as new data emerges.