Cleveland Fed President Casts Vote to Keep Interest Rates Steady at FOMC Meeting

Cleveland Fed President Beth Hammack opposed the Federal Reserve's decision to cut interest rates by a quarter point, expressing a preference to maintain rates between the previous level of 4.5% and 4.75%. Hammack became the second Fed policy maker this year to oppose a rate cut after Fed Board member Michelle Bowman expressed her dissent against a half-point reduction in September. In a speech earlier this month, Hammack had voiced her concerns about whether the Fed should continue to lower rates in light of persistent inflation. Bowman voted in favor of the last rate cut today, along with the majority of the FOMC.