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April 7, 2026

Key Fed official sees possible rate hike amid higher gas prices, inflation concerns

  • Rate increases would be a sharp shift from late last year, when the central bank cut its key rate three times.
    • By CHRISTOPHER RUGABER
    AP Economics Writer

    WASHINGTON — A top Federal Reserve official said Monday that an interest rate hike could be appropriate if inflation remains persistently above the central bank's 2% target, the latest sign that some policymakers are moving away from a bias toward reducing borrowing costs.

    Beth Hammack, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press that her general preference is for the Fed keep its benchmark interest rate unchanged “for quite some time.”


     
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