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Cleveland Fed President Expects Interest Rates to Stay Steady
Central bank official advocates patient approach as officials monitor economic data
Apr. 15, 2026 at 1:25pm
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The Federal Reserve's cautious approach to interest rates aims to balance the risks of inflation and employment.Cleveland TodayCleveland Federal Reserve President Beth Hammack said the central bank is weighing threats to both inflation and employment and should keep interest rates on hold as economic conditions evolve. Hammack, a voting participant at Federal Open Market Committee meetings, advocated a patient approach to monetary policy as officials watch incoming data for clues about the direction of the U.S. economy.
Why it matters
The Federal Reserve's interest rate decisions have a significant impact on the broader economy, influencing factors like consumer spending, business investment, and inflation. Hammack's comments provide insight into the Fed's current thinking and approach as it navigates a complex economic landscape.
The details
In a live CNBC interview, Hammack said her "baseline is that we're going to remain on hold for a good while, but I do think that there's two-sided risks to rates." She explained that the Fed may need to be more accommodative or more restrictive depending on how the economic data unfolds. The central bank has kept the benchmark federal funds rate in a range between 3.5%-3.75%, which Hammack said is a "good place" for monetary policy. However, she remains wary of potential inflation shocks due to factors like the Iran war and tariffs.
- The Federal Open Market Committee has kept interest rates on hold for both of its decisions this year.
The players
Beth Hammack
The president of the Cleveland Federal Reserve and a voting participant at Federal Open Market Committee meetings.
What they’re saying
“My baseline is that we're going to remain on hold for a good while, but I do think that there's two-sided risks to rates.”
— Beth Hammack, Cleveland Federal Reserve President
“Normally, you like to look through these types of supply shocks, but when it's coming on the back of already-elevated inflation, it may not be the same as it would be had we been entering this period at low and stable inflation.”
— Beth Hammack, Cleveland Federal Reserve President
What’s next
The Federal Open Market Committee will continue to monitor economic data and make future interest rate decisions accordingly.
The takeaway
The Federal Reserve is taking a cautious and patient approach to monetary policy, weighing the risks of both inflation and employment as it navigates a complex economic landscape. This approach aims to support the economy while also maintaining price stability.
