Fed's Beth Hammack Warns AI Spending Could Keep Inflation Hot and Force Interest Rates Higher: 'Not Seeing A Lot Of Restraint...'

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Cleveland Federal Reserve President Beth Hammack said Tuesday that surging demand for artificial intelligence infrastructure could add to inflationary pressures and may force the Federal Reserve to ...

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to CNBC from the European Central Bank conference in Sintra, Portugal, Hammack said inflation remains above the Fed’s 2% target and warned that persistent price pressures tied to AI spending could complicate monetary policy.\n\"We’ve got inflation that’s too high, and it’s been too high for the past five years,\" Hammack told CNBC’s Sara Eisen. \"When I look at policy, if that continues, it may mean that we need higher interest rates to bring inflation back down to target”.\nThe Federal Reserve uses interest rates to manage inflation. Higher rates generally slow borrowing and spending, helping cool price growth across the economy.\nHammack pointed to aggressive spending on AI-related infrastructure, particularly data centers, as a sign that economic demand remains strong and could continue putting upward pressure on prices.\nShe cited a manufacturer in her district involved in electric switching equipment for data centers and said demand remains unusually strong.\n\"What they say is that the demand is insatiable, that these companies, these hyperscalers, will pay almost any price for those inputs, and they need things built yesterday,\" Hammack said.\nHammack said she is not seeing much evidence that high borrowing costs are slowing corporate investment.\n\"When I look broadly, particularly around large companies, I’m not seeing a lot of restraint in the economy,\" she said.\nHammack’s comments contrast with Fed Chair Kevin Warsh, who has argued AI could eventually reduce labor costs and become disinflationary through productivity gains.\nHammack is a voting member of the Federal Open Market Committee this year. The Federal Open Market Committee kept rates unchanged earlier this month, though policymakers’ latest projections indicated one quarter-point rate increase could still be possible later this year.\nDisclaimer: This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2648519610","isCrawlerRequest":true}