Cleveland Fed’s Hammack Says Biggest Risk Is Inflation

Hammack's framing matters less as a fresh signal than as a reminder that the inflation-versus-growth debate inside the Fed is not settled, even as markets fixate on the rate path. For crypto and RWA markets, which have traded largely on liquidity expectations, a policymaker elevating price pressures over employment keeps the timing of any easing genuinely uncertain. The open question is whether this becomes a broader shift in tone among her colleagues or remains a single regional president's view.