March 7, 2026
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9:51Now PlayingFederal Reserve Bank of Cleveland President Beth Hammack reiterated that interest rates could be on hold for quite some time, but signaled officials should be ready to respond to other outcomes.
“Under my base case, I think policy should be on hold for quite some time as we see evidence that inflation is coming down and the labor market stabilizes further,” Hammack said Friday in remarks prepared for a conference in New York. “But it’s easy to envision other scenarios, as well, so I see two-sided risks to rates.”
With less than two weeks to go before their next policy gathering, Fed officials have seen their economic outlook muddied by US-Israel strikes on Iran, a jump in oil prices and a surprisingly weak jobs report.
The US labor market unexpectedly shed 92,000 jobs in February and the unemployment rate ticked up to 4.4%, according to data released Friday by the Bureau of Labor Statistics. That challenges the narrative suggested by previous jobs reports that the labor market had been stabilizing.
Watch her full conversation with Bloomberg's Michael McKee.
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