Fed hawks: Rates not significantly restrictive, no one wants a rate cut soon

Beth Hammack, a hawkish official of the Federal Reserve and president of the Cleveland Fed, stated that interest rates are not "significantly restrictive" and should remain stable for a period of time as officials wait for evidence of inflation returning to the 2% target.

Hammack also stated that inflation expectations and other indicators must be monitored to assess whether the financial conditions are consistent with the Fed's efforts to suppress price growth. Hammack said in a speech prepared for a meeting in New York on Thursday, "I believe that as we assess the path forward, monetary policy can remain patient, which may mean keeping the federal funds rate stable for a period of time."

Hammack's views align with those of several Fed officials who spoke on Thursday. While they hold varying degrees of caution about the economic outlook, none expressed a desire to cut interest rates soon.