Fed's Hammack said central bank limited in addressing economic bifurcation

NEW YORK, Nov 6 (Reuters) - Federal Reserve Bank of Cleveland President Beth Hammack acknowledged Thursday that higher and lower income Americans are faring differently in the economy right now, while noting the Fed can’t do much to specifically help those with lower incomes.

The economy is being powered by higher income spending, Hammack told a gathering of the Economic Club of New York. But she noted “when you see this bifurcation, it's really difficult for monetary policy” which is blunt in nature.