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Fed's Hammack: Work to bring inflation to target not complete

BY Reuters | ECONOMIC | 10/24/24 09:10 AM EDT

By Michael S. Derby

NEW YORK, Oct 24 (Reuters) - Federal Reserve Bank of Cleveland President Beth Hammack said Thursday inflation pressures have been moving down but still have yet to return to where they need to be.

"We have made good progress but inflation is still running above the [Federal Open Market Committee's] 2% objective," Hammack said at conference on inflation issues held by her bank. She did not offer a view on what she believes monetary policy should do in the future. (Reporting by Michael S. Derby)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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