TechFlow, December 21 — Federal Reserve's Hammack stated that the positive November inflation data may have been distorted by disruptions in data collection during the government shutdown in October and the first half of November, leading to an underestimation of 12-month price growth. While the Bureau of Labor Statistics reported a 2.7% year-over-year increase in CPI for November, adjusted estimates accounting for measurement difficulties bring the figure closer to the commonly expected level of 2.9% or 3.0%. Furthermore, Hammack's concern regarding rate cuts centers on her view that the neutral interest rate is higher than generally believed, and that the economy inherently possesses strong momentum to sustain solid growth next year. The neutral rate cannot be directly observed but can be inferred from economic performance.
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