Cleveland Fed President Hammack: If the decision-making meeting were to be held tomorrow, I would not support a rate cut
Cleveland Federal Reserve Bank President Beth Hammack stated that if Fed officials were to make a policy decision tomorrow, she would not support lowering interest rates.
"Our inflation rate is too high and has been on the rise for the past year," Hammack said during an interview on Thursday in Jackson Hole, Wyoming. "Based on the information I have, if a meeting were to be held tomorrow, I see no reason to lower interest rates."
She acknowledged concerns about the labor market but indicated that the unemployment rate remains close to her estimate of maximum employment levels.
She stated, "When I look at the balancing act, it's important to me that we maintain a moderately restrictive policy stance to continue bringing inflation back to target levels."
Her remarks come as global central bank presidents gather at Grand Teton National Park for the Federal Reserve's annual symposium. Chairman Powell is set to deliver a highly anticipated speech on Friday, and investors will be looking for any hints regarding potential actions by policymakers at the September meeting.
The next meeting of Fed decision-makers will take place from September 16 to 17 in Washington.
