Cleveland Fed President Says Jobs Data Allows Policy Time
Beth Hammack stated that September employment figures align with recent trends, providing the Federal Reserve time to determine its next monetary policy move.
Beth Hammack, President of the Federal Reserve Bank of Cleveland, stated that the September U.S. employment report aligns with recent hiring trends and provides sufficient time to determine the next monetary policy move. In an interview with PBS News Hour, Hammack noted that the September report showed 29,000 new jobs and an unemployment rate of 4.2%.
Hammack viewed these figures as consistent with a 12-month average of 41,000 new jobs per month. While she has previously supported raising interest rates to combat inflation, her recent comments and those of other Federal Reserve officials suggest that no rate action is likely at the Federal Open Market Committee meeting scheduled for October 27-28.
The Federal Reserve previously raised its interest rate target to between 3.75% and 4% last month.
