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.