Golden Finance reported that Cleveland Federal Reserve President Beth Hammack explained why she voted against the rate at this week’s interest rate meeting, saying that interest rates should be kept stable until more progress is made in reducing inflation. Hammack said she believed interest rates were close to a neutral level that would neither drag down nor stimulate the economy, and suggested they should remain high enough to moderately restrict economic activity "for some time." "In my estimation, monetary policy is not far from neutral, and I prefer to keep policy on hold until we see further evidence that inflation is again falling back to Our 2% goal.”