Fed’s Hammack says policymakers have time to weigh next rate move

  • Beth Hammack said policymakers have time to assess data before deciding their next interest-rate move.
  • September payrolls rose 29,000, while unemployment increased to 4.2%.
  • The Fed raised rates 25 basis points last month to a 3.75%-4% target range.

Federal Reserve Bank of Cleveland President Beth Hammack said policymakers can review more economic data before deciding their next interest-rate move. September payrolls rose by 29,000 and unemployment reached 4.2%, while average monthly job creation over the past year was 41,000, broadly matching Hammack’s estimate for keeping the labor market stable. The Federal Open Market Committee (the Fed’s rate-setting panel) is due to meet on Oct. 27-28. The Fed cut? No: it raised its benchmark rate by 25 basis points last month, setting a target range of 3.75% to 4%, and officials projected another increase before year-end. Recent comments suggest rates are unlikely to change at the October meeting, with future tightening dependent on incoming data and the balance between slowing hiring and persistent inflation concerns.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.