Fed's Hammack (2026 voter, hawk) says regulators don't have great Insight into fast growing private credit; US government is on an unsustainable fiscal path and watching for buildup of leverage in Treasury market

• Wants to make discount window easier to use.
• Banking system currently appears healthy.
• Worries that inflation could become entrenched, but expectations are currently contained.
• It is important to get to 2% inflation before changing rates again.

Fed's Hammack expresses concerns about the lack of insight into the rapidly growing private credit market and warns of an unsustainable fiscal trajectory for the US. His emphasis on maintaining the 2% inflation target before adjusting rates coupled with an overall healthy banking system highlights a hawkish tone, suggesting potential caution around inflation expectations and leverage in the Treasury market.