Fed's Hammack Says Fed's Hammack Says Gradual Rate Hikes Less Disruptive To Economy And Financial System; Inflation Has Been Too High, Moving In Wrong Direction; It's Hard To See Dollar Losing Reserve Status

Monetary policy needs to move to restrictive stance
U.S. central bank's independence critical to get inflation to 2%
U.S. dollar's status is owed to U.S. institutions, legal system
U.S. central bank has earned credibility through its actions

https://www.clevelandfed.org/collections/speeches/2026/sp-20261105-reserve-currencies-and-stablecoins