CLEVELAND — Federal Reserve Bank of Cleveland President and CEO Beth Hammack says the central bank is keeping a close eye on inflation and a “two speed” economy that is particularly challenging for middle- and lower-income families.

She spoke Monday at an event hosted by the Cleveland Fed, one of 12 regional banks in the federal reverse system. The event was moderated by Lila Mills, editor-in-chief of Signal Cleveland.

The impact of that challenging economy is being felt by working families across Ohio and the broader Fourth District, which encompasses all of Ohio and parts of Pennsylvania, West Virginia, and Kentucky.

Inflation currently runs around 3%, a full percentage point above the Fed’s 2% target, and is expected to continue to rise, Hammack said. On the employment side, unemploy

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