Cleveland Federal Reserve official Hammack said current economic data do not support cutting interest rates at the Federal Open Market Committee’s September meeting. She told reporters on 21 August that she "wouldn’t see a case for a September cut" given present conditions. Hammack added that the Fed’s benchmark rate is already near a neutral setting and only a "small distance" remains to reach that level, implying no need for additional stimulus at this time. The policymaker highlighted the unemployment rate as one of the most informative gauges of economic health and said she sees no clear signs of a significant downturn in the broader economy.
🚨🚨 JUST IN: Fed's Hammack says there is no immediate need for rate cuts based on current data. Says current policy is close to neutral and no stimulus is needed.
Federal Reserve's Hammock states there is no imminent case for cutting interest rates based on current economic data.
FED HAMMACK: I DOES NOT SEE IMMINENT CASE FOR CUTTING RATES BASED ON CURRENT DATA. WITH DATA NOW, WOULDN'T SEE CASE FOR SEPTEMBER CUT THINK WE HAVE SMALL DISTANCE TO GO TO GET TO NEUTRAL UNEMPLOYMENT RATE IS ONE OF BEST INDICATORS WE HAVE