Fed's Hammack Signals Rates Staying Put 'For a Good While'
Cleveland Fed President Beth Hammack signaled her preference for keeping interest rates on hold for an extended period, reinforcing a higher-for-longer stance at the central bank. This comes as Federal Reserve Chair Jerome Powell's term approaches its end in approximately one month, adding a layer of institutional uncertainty to an already cautious policy outlook.
A prolonged pause in rate cuts is bad news for rate-sensitive assets — think high-growth tech stocks, real estate, and long-duration bonds, all of which perform better when borrowing costs are falling. With Powell's exit imminent, markets face a double uncertainty: no rate relief in the near term, and an unknown successor whose policy instincts are yet to be tested in a live environment.
Powell's term end: approximately late May 2025. Next FOMC meeting: June 17-18, 2025. Any White House announcement naming Powell's successor — watch for this on an unscheduled basis.
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