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Fed’s Hammack: It will take two to three years to get inflation back to 2%
Ni Agustin Wazne
Petsa ng Pag-publish: 7 Nov 2025 | Petsa ng Pag-edit: 7 Nov 2025
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Federal Reserve (Fed) Bank of Cleveland President Beth Hammack spoke at the Economic Club of New York on Thursday. She said that the federal policy should remain modestly restrictive to lower inflation, and forecast that it will take two to three years to return inflation to 2%.
Federal Reserve (Fed) Bank of Cleveland President Beth Hammack spoke at the Economic Club of New York on Thursday. She said that the federal policy should remain modestly restrictive to lower inflation, and forecast that it will take two to three years to return inflation to 2%.
Key takeaways
Not obvious US central bank should cut interest rates again given inflation.
Federal policy should stay modestly restrictive to lower inflation.
Monetary policy is only barely restrictive, if at all.
Seeing pressure on both sides of its employment, inflation mandates.
Expects elevated inflation through 2026.
Inflation to overshoot 2% target by 1 percentage point this year.
It will take two to three years to get inflation back to 2%.
May be on track for a decade of exceeding inflation target.
Does not put high odds on a labor market downturn.
Job market may be more fragile than data indicates.
Expects unemployment to move back down after ticking up this year.
Economy to pick up pace next year.
Financial conditions are quite accommodative.”
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.45% | -0.50% | -0.79% | 0.12% | 0.52% | 0.58% | -0.41% | |
| EUR | 0.45% | -0.06% | -0.35% | 0.57% | 0.96% | 1.03% | 0.03% | |
| GBP | 0.50% | 0.06% | -0.32% | 0.62% | 1.02% | 1.09% | 0.09% | |
| JPY | 0.79% | 0.35% | 0.32% | 0.93% | 1.34% | 1.37% | 0.40% | |
| CAD | -0.12% | -0.57% | -0.62% | -0.93% | 0.41% | 0.45% | -0.53% | |
| AUD | -0.52% | -0.96% | -1.02% | -1.34% | -0.41% | 0.07% | -0.93% | |
| NZD | -0.58% | -1.03% | -1.09% | -1.37% | -0.45% | -0.07% | -0.99% | |
| CHF | 0.41% | -0.03% | -0.09% | -0.40% | 0.53% | 0.93% | 0.99% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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