Fed's Hammack Admits Years of Missing the Inflation Mandate
As seen on the 24/7 Wall St. homepage on November 12, 2026.
A sitting Fed official conceding years of mandate failure is the language that precedes tightening, and it lands with Waller already backing a December hike.
FED'S HAMMACK: FED HAS BEEN MISSING ON INFLATION MANDATE FOR YEARS
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Fed Governor Beth Hammack publicly acknowledged that the central bank has been falling short of its inflation mandate for years, a rare and pointed concession from a sitting policymaker.
That direct naming of past policy as insufficient typically foreshadows a harder line on rates going forward.
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Hammack's remarks land alongside separate reporting that Waller has already backed a December hike, putting both officials on the same side of the debate heading into the next meeting.
Investors holding rate-sensitive positions in long-duration bonds, growth equities, or interest-rate futures now have one more signal that the Fed is not finished tightening.