Federal Reserve official Hammack: Interest rates should remain stable for a period of time without significant restrictions

Cleveland Federal Reserve Bank President Beth Hammack said that interest rates are not "significantly restrictive" and should remain stable for a period of time so that Fed officials can wait for evidence that inflation is returning to the 2% target. Hammack also said that it is important to monitor inflation expectations and other indicators to assess whether financial conditions are consistent with the Federal Reserve's efforts to cool down price growth. I believe that when evaluating the future path, monetary policy can be patient, which may mean keeping the federal funds rate unchanged for a period of time, "Hammack said in a prepared speech for a conference in New York on Thursday. Maintaining patience will give us time to monitor the trajectory of the labor market and inflation, as well as the overall performance of the economy in the current interest rate environment