6 August
US Cleveland Fed chief sees no urgent need to cut rates
Beth Hammack, president of the Federal Reserve Bank of Cleveland, sees no need for an immediate interest rate cut. She cites persistently high inflation rate and the uncertainty surrounding the impact of trade tariffs on domestic price pressures.
However, the Fed official is open to considering easing policy if the labor market significantly weakens. For Hammack, inflation exceeding the 2% target remains the main obstacle to lowering the short-term cost of borrowing.
Most Federal Reserve policymakers agree that the current federal funds rate target range of 4.25–4.5% will remain unchanged until the end of the month. Following its June meeting, the regulator planned two rate cuts by the end of the year. Investors expect US monetary policy to be eased at the September meeting.
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