FED'S HAMMACK SAYS SHE HAS ONE OF THE HIGHER FOMC PROJECTIONS FOR NEUTRAL AND THAT THE NEUTRAL RATE IS LIKELY HIGHER BUT HARD TO PIN DOWN, DESCRIBING TREASURY RATES AS ‘MODEST’ BY HISTORIC STANDARDS AND FINANCIAL CONDITIONS AS NEUTRAL, WHILE NOTING DEMAND-SIDE PRESSURES FROM AI ARE ‘NOT SELF-CORRECTING’ AND HIGHER RATES WON’T DISSUADE HYPERSCALERS BUT MIGHT INFLUENCE FIRMS IN OTHER INDUSTRIES.