Fed’s Hammack Says Rates Could Be on Hold for ‘Some Time’ (2)

Federal Reserve Bank of Cleveland President Beth Hammack said interest rates could be on an extended hold while officials evaluate incoming economic data.

“Rather than trying to fine tune the funds rate, I’d prefer to err on the side of patience as we assess the impact of recent rate reductions and monitor how the economy performs,” Hammack said Tuesday in Columbus, Ohio. “Based on my forecast, we could be on hold for quite some time.”

The Cleveland Fed chief has repeatedly urged her peers on the Federal Open Market Committee to be cautious with rate cuts to avoid stoking higher ...