Federal Reserve Bank of Cleveland President Beth Hammack said monetary policy should continue putting downward pressure on inflation, which she says is too high and remains a bigger risk for the US central bank than labor-market weakness.

The Bank of England has kept its main interest rate unchanged at 4% as inflation in the U.K. remains markedly above target and policymakers await this month’s budget from the U.K. government, which could be one of the most consequential in years.