Fed’s Hammack: Inflation Moving in the Wrong Direction

Hammack's remark matters less as new data than as a signal of how one policymaker is framing the inflation picture, leaning toward a higher-for-longer rate path. For crypto and RWA markets, that framing keeps the cost-of-capital backdrop tight, which tends to weigh on rate-sensitive and yield-dependent structures. The statement carries no figures or action, so its weight rests on interpretation rather than substance. The open question is whether other officials echo this tone, which would matter more than a single comment.