Two Federal Reserve officials who dissented against the central bank's recent decision to hold interest rates steady are publicly advocating for an immediate rate increase.
The comments, made on Friday, signal deepening internal divisions over the appropriate policy path as inflation remains a persistent concern.
50% to 3.75%. The hawkish intervention comes after a contentious policy meeting where the majority opted for caution.
Beth Hammack, president of the Federal Reserve Bank of Cleveland, and Christopher Waller, a Fed governor, both voted for a rate hike at the July meeting.
Their subsequent public remarks underscore a belief that the current stance is too accommodative given the economic data.
The Federal Open Market Committee (FOMC) maintained its benchmark interest rate unchanged, keeping the target range for the federal funds rate at 3.50% to 3.75%.
The hawkish intervention comes after a contentious policy meeting where the majority opted for caution.