Cleveland Federal Reserve Bank President Beth Hammack indicated on the 17th that inflation is too high, joining a growing minority within the Fed calling for rate hikes. In a LinkedIn post, Hammack said she hears from businesses that action is needed to curb inflation and from consumers about rising despair over the cost of living. She noted that while the labor market is near maximum employment, persistently high inflation is a greater concern. Hammack, a voting member of the FOMC this year, dissented at the April meeting, supporting a rate hold but opposing the inclusion of an easing bias in the statement. The June meeting saw a unanimous decision to hold rates. With another hold expected at the July 28-29 FOMC meeting, expectations are firming for a rate hike at one of the remaining three meetings this year. Vice Chair Philip Jefferson, Dallas Fed President Lorie Logan, and Governor Lisa Cook have also recently signaled openness to rate hikes depending on inflation.