Fed's Hammack: We are 'at or near' the time to slow rate cuts

Comments from Beth Hammack from Cleveland:

  • Says she has an ‘open mind’ about December meeting, more data is coming
  • Market view of one cut between now and late January is reasonable
  • Slowing pace of rate cuts allows Fed time to sound economy
  • Data will drive what the Fed does with mon pol
  • Fed has more work to do to cool inflation
  • Economy is strong, labor market is healthy
  • Labor market has become better balanced

Hammack doesn’t have a long track record as a hawk/dove but she’s certainly not teeing up a cut in December here, if anything the comments put more emphasis on CPI and retail sales before the FOMC.

The final scheduled Fed comments are at 1 pm ET from Daly.

This article was written by Adam Button at www.forexlive.com.

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