Beth Hammack, President of the Federal Reserve Bank of Cleveland, stated that current interest rates are still not high enough to bring inflation back to the Fed’s 2% target. She noted that inflationary pressures are no longer confined to energy prices but are spreading across multiple sectors of the economy. Meanwhile, Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, argued that a modest rate hike now would be preferable to waiting until inflation becomes deeply entrenched, forcing the Fed to implement larger, more damaging rate increases later.