MNI BRIEF: Fed’s Hammack-Not A Time To Be Preemptive

The economic outlook is too uncertain for the Federal Reserve to make any near-term shifts in monetary policy, Cleveland Fed President Beth Hammack said Wednesday.  

“This is not a good time to be preemptive,” Hammack said. “This is a good time to sit and wait and watch and see how the data is coming in so we get better clarity on what the right course of action is. I would rather be slow and move in the right direction than be fast and move in the wrong direction.” (See MNI INTERVIEW: Fed Needs More Hawkish Message - Emmons)