Fed's Beth Hammack and Neel Kashkari urge rate hikes now
Business
Two top Federal Reserve officials, Beth Hammack and Neel Kashkari, say it's time to raise interest rates now because inflation has stayed above the Fed's 2% target for more than five years.
They believe the job market is strong enough to handle higher rates without causing too much trouble for workers or businesses.
Inflation 3.7% and Fed votes split
The Fed's favorite inflation measure rose 3.7% in June, thanks to pricier energy and supply chain hiccups.
Even so, most Fed members recently voted to keep rates steady, though a few wanted a small hike instead.
With opinions split, everyone's watching the September meeting to see if the Fed finally makes a move on rates as it tries to balance fighting inflation with keeping the economy stable.