Comments from Fed’s Hammack cross the wires:Price stability is responsibility of central banksInflation remains elevated amid solid output demandInflation risk tilted toward upsideSupply shocks a notable challenge for Fed policy right nowThe longer inflation remains high, the harder it is to bring it back to targetAnalysis: Hammack is a hawk, and these comments show why. She sees inflation risks pointing higher even as demand remains solid. Supply shocks add to the challenge: the Fed cannot directly fix a supply disruption, but it still has to keep the resulting price pressure from becoming persistent.For traders, the message is that Hammack is focused on the risk of leaving inflation elevated for too long. These remarks support a cautious approach to policy, though she does not explicitly call for another rate hike in the headlines provided.The expectations for a Fed hike in the month of October is around 66%. Yesterday the number 1 up to around 74% (from my vantage point). It was down here 50% earlier this week. This article was written by Greg Michalowski at investinglive.com.