Beth Hammack urges holding the 3.5%–3.75% Fed rate despite recent 0.75‑point cuts

On December 21, 2025, Cleveland Fed President Elizabeth Hammack said rates should remain unchanged for months after three meetings cut a total of 0.75 percentage points. She cited inflation risks, noting the 2.7 percent CPI may be closer to 2.9 percent to 3.0 percent, and pointed to tariffs and higher input costs that could lift prices in early 2025.