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    Cleveland Fed’s Hammack warns of ‘challenging time’ amid inflation worries

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    By Sam Meredith

    Copyright cnbc

    Cleveland Fed’s Hammack warns of 'challenging time' amid inflation worries

    U.S. core inflation was little changed in August, according to data published Friday. The personal consumption expenditures price index posted a 0.3% gain for the month, putting the annual headline inflation rate at 2.7%, the Commerce Department reported late last week.

    Excluding food and energy, the more closely followed core PCE price level was 2.9% on an annual basis after rising 0.2% for the month.

    Hammack has previously suggested she would be hesitant about lowering interest rates as long as inflation remains a threat.

    Indeed, more recently, Federal Reserve Chair Jerome Powell warned of a tricky path ahead on interest rates.

    “Near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation,” Powell said on Sept. 23 during a speech to business leaders in Providence, Rhode Island.

    “Two-sided risks mean that there is no risk-free path,” he added.

    — CNBC’s Jeff Cox contributed to this report.

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