Federal Reserve's Hammack said inflation remains too high and current monetary policy is not restrictive enough, signaling support for further action. After speaking with businesses in the Fourth Federal Reserve District, she said both economic data and corporate feedback point to the same conclusion: policy has not yet reached a sufficiently restrictive level. Hammack said inflation is still above 3%, while the labor market remains stable and close to her estimate of maximum employment. She added that businesses in the district continue to report rising costs, including double-digit increases in many inputs, forcing difficult decisions. Hammack said the longer inflation stays above target, the harder it will be to bring it down, adding: "What I'm hearing now is that it's time to act."