Cleveland Fed President Beth Hammack expressed doubt about whether recent signs of slowing inflation can last, renewing her call for an immediate interest rate increase.

Speaking Thursday, Hammack stated, "I'm pleased to see these figures decline — that's a positive development — but I lack confidence that this pattern will persist or that inflation will moderate sufficiently to bring us back to our 2% target." She made the remarks during a Dayton Area Chamber of Commerce event in Kettering, Ohio, and added regarding interest rate policy, "I believe we need to act now."

Hammack dissented from the Federal Reserve's decision last month to hold rates steady, revealing she had favored a 25-basis-point increase to the benchmark rate. In a Monday interview with Yahoo Finance, she noted that current interest levels are not providing "substantial restraint" on the economy, and that bringing inflation back to target may require "several" rate adjustments. However, she declined to speculate on the final appropriate level for rates.