Federal Reserve Bank of Cleveland President Beth Hammack said on Thursday she expects U.S. central bank interest rate policy is on hold for the time being amid a hunt for evidence that inflation pressures are easing back to the 2% target.

Federal Reserve Bank of Cleveland President Beth Hammack said interest rates are not “meaningfully restrictive” and should be held steady for some time as officials wait for evidence inflation is returning to their 2% target.

Cleveland Fed President Beth Hammack endorses a patient approach in assessing further Federal Open Market Committee policy adjustments. "A patient approach will allow us time to monitor the trajectories for the labor market and inflation and how the economy in general is performing in the current rate environment,