Cleveland Fed President Pushes for Rate Hike as Inflation Remains

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A Federal Reserve official is calling for higher interest rates now - and that could have important implications for mortgage rates and the housing market. Cleveland Fed President Beth Hammack recently argued that inflation is still too high and that the Federal Reserve should raise rates rather than wait for inflation to gradually return to its 2% target. Her position is important because she was one of three Fed officials who voted for a quarter-point rate increase at the July meeting. The final vote was 9 to 3 to keep rates unchanged. So, why is there disagreement? Recent inflation data has