Federal Reserve official Hammack emphasized that inflation remains a significant concern, with current levels deemed too high and on an upward trend. Speaking on August 21st, Hammack highlighted the need for continued focus on inflation, suggesting that a neutral policy stance is still distant, though he dismissed the necessity for further stimulus measures. Hammack also addressed the labor market, indicating it is likely to stay balanced despite economic slowdowns, with the unemployment rate serving as a crucial indicator. He expressed uncertainty about the impact of tariffs, questioning whether they represent a one-time effect. Based on current data, Hammack does not anticipate the Federal Reserve will cut interest rates in September.