Beth Hammack, president of the Federal Reserve Bank of Cleveland, said inflation risks remain high and that the Federal Reserve should maintain restrictive monetary policy, meaning borrowing conditions remain tight, until there is clear progress toward price stability. Hammack identified the persistence of elevated inflation and its potential to become embedded in public expectations as the biggest risk. She also said strong demand and capital spending could keep price pressures elevated even as economic growth continues and the labor market remains stable. Walter Bloomberg reported her comments on September 25. Photo: Shutterstock JH Kim.