Fed Official Beth Hammack Hints at June Policy Shift, Pending Economic Data
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In a candid CNBC interview, Beth Hammack, the boss at the Federal Reserve Bank of Cleveland, has tossed a June policy change into the ring, given the right economic data throws a punch. "We'll closely monitor the data," Hammack says, "approaching each meeting with an open mind to decide whether to keep cool or whip up a storm." If economic indicators coalesce to paint a clear picture by June, don't be surprised to see the relevant Fed committee jumping into action - assuming they know which direction to head.
Hammack's words echo those of fellow U.S. Federal Reserve reps. When it comes to potential impacts of market uncertainties and Trump's trade policies on the economy, though, the answers are as murky as a swamp at midnight. For now, it's best to keep the interest rates where they are; but if circumstances compel a move, the Fed will spring into action without hesitation.
Just last week, Fed Chairman Jerome Powell stated that the U.S. economy is evidently slowing in its first quarter, but the needs of a rate hike aren't urgent yet. Investors predict the Fed will park the interest rate between 4.25 and 4.50 percent come May, and will ease policy a month later.
With market uncertainty looming, a dose of patience is in order. But if the data screams "change," the Fed won't blink. Stay tuned for more updates on this ever-shifting economic landscape.
(Reporting by Michael S. Derby, reworked by Klaus Lauer; Editing by Hans Busemann. Questions about this story should be directed to our newsroom at [email protected] for politics and economics or [email protected] for companies and markets.)
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- Beth Hammack expects the Federal Reserve to shift policy in June, if economic data shows a significant improvement by then.
- If economic indicators point to a clear picture, the Federal Reserve is likely to spring into action, but they urge patience as market uncertainties and trade policies pose challenges.
- Investors predict the Fed will maintain the interest rate between 4.25 and 4.50 percent in May, followed by a potential easing of policy in June.
- As the U.S. economy appears to be slowing, the Fed will closely monitor economic data to assess when to make adjustments, if necessary, in monetary policy.
