BlockBeats news, on December 22, Cleveland Fed President Beth Hammack stated that after three consecutive rate cuts by the Federal Reserve in recent meetings, she sees no need for any adjustment to interest rates in the coming months.
Hammack opposed the recent rate cuts because her concerns about persistently high inflation outweighed worries about potential vulnerabilities in the labor market — the latter being the reason that led officials to accumulate a 0.75 percentage point rate cut over the past few months. Hammack is not a voting member of the Federal Open Market Committee (FOMC) this year, but she will gain voting rights next year.
Harmak hinted that the Federal Reserve does not need to adjust its current benchmark interest rate, which is between 3.5% and 3.75%, at least until spring next year. She stated that by then, the Federal Reserve will be able to better assess whether recent inflation in commodity prices is dissipating as the impact of tariffs is more fully digested in the supply chain. (Jin Shi)