Cleveland Fed President Hammack sees AI fueling inflation, says rate hikes may be necessary

Cleveland Federal Reserve President Beth Hammack told CNBC's Sara Eisen on that inflation has remained elevated for the past five years. Hammack did not specify in the available quote whether she linked artificial intelligence directly to current inflation or future rate decisions. The Cleveland Fed is one of 12 regional Federal Reserve banks and does not set monetary policy, though presidents participate in discussions that inform Federal Reserve decisions.

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