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Speech
Statement from Federal Reserve Bank of Cleveland President Beth M. Hammack regarding her vote at the Federal Open Market Committee’s December 17–18, 2024 meeting
The Federal Open Market Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/2 percent at the Committee’s December 17–18, 2024 meeting. Statement from Federal Reserve Bank of Cleveland President Beth M. Hammack regarding her vote, released at 9:00 AM EST.
Speech
Lake Effect: Views from the Fourth District on the Economy and Monetary Policy
Remarks by Beth M. Hammack, President and Chief Executive Officer, Federal Reserve Bank of Cleveland at the City Club of Cleveland, Friday Forum, Cleveland, OH, December 6, 2024, 12:00 noon EST: Good afternoon. It’s an honor to join the ranks of speakers who have engaged with the City Club of Cleveland. I’m a fan of your mission to create conversations of consequence that help democracy thrive, and I hope to contribute to that tradition today. I look forward to your questions, in particular because understanding what’s on your minds is an important part of my job as Cleveland Fed ...
Speech
Trading Places: My New View from Inside the Federal Reserve
In my remarks today, I will focus on a couple of financial market developments that are on my personal radar: the considerable growth in private credit and hedge fund leverage. For both, it’s incumbent on us to be mindful of the financial stability tradeoffs of allowing or curtailing these activities through regulation, because any time we try to fix one problem, we may end up creating another. This is what the economist Ed Kane termed the “regulatory dialectic.” The rules we set up through regulation have consequences; they provide financial institutions with incentives and choices in ...
Speech
Show Me the Low Inflation
The Fed is focused on its mission to support the economy and financial system on behalf of the public. Right now, the economy is in a good place, and policy is calibrated to keep us here with healthy conditions in the labor market and continued downward pressure on inflation for a return to our 2 percent objective. We recognize that although the overall economic picture looks positive, there are families who are still struggling. At the Cleveland Fed, our teams are active in communities across the Fourth District, including Lexington, to help us better understand regional economic ...