Fed's Cook says time approaching for a rate hike in smaller steps

Federal Reserve Governor Lisa Cook said on Wednesday easing of the bank's tight monetary policy is imminent.

Cook said the Fed has got some space to slow down the pace of its rate hikes after aggressively raising interest rates and then assess how the new strategy will affect the economy in the future. 

As the chairman said, monetary policy in the tightening has so far been working with long delays. As the Fed approaches the "uncertain" peak of its rate hike, it would be right to take smaller steps. Accordingly, how long the bank maintains its previous pace, and whether it slows it down, depends on further indicators of inflation.