Fed's Hammack (2026 voter) says the biggest risk with inflation is the formation of an inflationary mindset

Framing the problem as expectations risk rather than current-prints risk is a classic hawkish register: officials who define the danger as an inflationary mindset are historically the ones arguing against premature easing, since unanchored expectations are the standard justification for keeping policy restrictive longer even as spot inflation data improve. The accompanying language, resilient growth, a stable labour market, demand-side pressure, and capital expenditure as a persistent inflation driver, is the full hawkish checklist and removes the usual caveat that restrictive policy carries a growth cost. What matters for the rates complex is not this official alone but whether the expectations-anchoring argument migrates toward the committee's centre; single-voice hawkishness from a voter historically steepens or flattens little on its own, while convergence on this framing has preceded delayed easing cycles and a higher-for-longer repricing at the front and belly of the curve. The emphasis on capex as an inflationary pressure is the less conventional note and worth tracking as a recurring theme, since it implies a supply-investment channel that policy cannot quickly offset. Follow-ons are whether peers echo the expectations framing, and how this official's remarks line up against the prevailing trend of recent commentary rather than any single data release.