The Cleveland Federal Reserve, Beth Hamaker, warned that a single hike would not stop inflation from eating up workers' salaries

The President of the Cleveland Federal Reserve, Beth Hamaker, stated that current inflation fluctuations might require several increases in interest rates. She noted that the economic impact of the interest rate hike on the 25 basis points was limited and stressed the Fed ' s responsibility in ensuring price stability. Hamark referred to the recent increase in consumer and business anxiety over price increases, with many workers ' wage growth being consumed by inflation. At last month ' s meeting, Federal Reserve officials voted to maintain interest rates at between 3.5 and 3.75 per cent, and Hamark believes that the time has come for action。