Fed's Beth Hammack says she expects rates will 'remain on hold for a good while'

• Rates are expected to 'remain on hold for a good while,' with two-sided risks (more accommodative or restrictive policy) depending on incoming data.
• The labor market is 'reasonably in balance' and not currently seen as a primary source of inflationary pressure.
• Inflation remains a significant concern, as the Fed has been above its 2% target for five years, leading to a 'decade's worth of inflation' for individuals.

Cleveland Fed President Beth Hammack expects interest rates to remain on hold for 'a good while,' citing a reasonably balanced labor market. However, she remains concerned about persistent inflation, noting that the Fed has missed its 2% target for five years, impacting everyday consumers. Hammack emphasizes patience and a data-dependent approach to future policy decisions.