Fed's Hammack: With job market in balance, could need action soon on inflation

By Howard Schneider

WASHINGTON, June 5 (Reuters) - Cleveland Fed President Beth Hammack said Friday that new jobs numbers show the labor market was roughly in balance and near full employment, while continued high inflation may require the Fed to raise rates soon to contain it.

The 4.3% unemployment rate "is right around my definition of full employment," Hammack said in a Linkedin post after the May jobs report showed unexpectedly strong job gains in May. "By contrast inflation is telling a different story. It's high, moving higher...If recent trends continue it may soon be appropriate to act."


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