Bank of Cleveland Federal Reserve (Fed) Chair Beth Hammack noted that while she thinks it’s time for the Fed to start slowing the pace of interest rate cuts, the head of the Cleveland Fed gave a nod to investors who expect at least one more rate cut from now until the end of January. Hammack made her first major policy speech Friday after taking over as Cleveland Fed president from Loretta Mester, who retired in June 2024 after a decade in the post.

The most critical information

The market opinion of one cut between now and the end of January is reasonable.

I am open to the December FOMC meeting, more data is coming.

The economic landscape calls for moderately restrictive monetary policy.

Fed at the right time or soon to sluggish the pace of interest rate cuts.

Monetary policy is likely to be somewhat restrictive.

Slowing the pace of interest rate cuts gives the Fed time to strengthen the economy.

The data will influence what the Fed does with monetary policy.

I expect solid growth, low unemployment and a gradual decline in inflation.

The economy is mighty and the job market is hearty.

The Fed has more work to do to frigid inflation.

The labor market has become better balanced.

It is too early to determine what impact the proposed tariffs will have.

US debt appears to be on an unsustainable growth path.

The setting of monetary policy is independent of public debt.

The US economy is mighty and the job market is quite hearty.

Consumers are really supporting the economy, household balance sheets are solid.

Housing market inflation will continue to decline for much longer.

I am very focused on housing and real estate.