Fed’s Hammack Says FOMC Signal on Rate Path Was Misleading (1)

Federal Reserve Bank of Cleveland President Beth Hammack said language in policymakers’ post-meeting statement suggesting the central bank’s next move would be a cut didn’t match her outlook.

“The statement that we put is that interest rates were on hold, but we have the signal in there that it’s more likely that the next move will be a move down,” Hammack said Thursday during an interview on WOSU public radio. “I thought that was a little bit misleading, just given my view of where the economy is.”

Cleveland Fed President Beth Hammack.

Photographer: Victor J. Blue/Bloomberg

Hammack said it would have been more appropriate for the statement to ...