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Fed’s Hammack: Fed in good position with policy ‘to see how things play out’; current Fed target rate ‘in vicinity’ of neutral

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Recipe for a Thriving US Economy: Strong Banks, Patient Policy, and an Independent yet Accountable Central Bank

From clevelandfed.org

My thanks to the Ohio Bankers League for the invitation to speak with you today. Being in this room is a big deal to me. You might think of yourselves as unassuming bankers, but let me tell you why I think you’re super stars. Not long ago, on a beautiful fall day, I was walking along Main Street with a local banker in the town of Wooster, Ohio. Everyone knew him, lit up when they saw him, and shared stories about how he’d helped them with their business, their mortgage, or their personal finances. It was like being in the presence of a celebrity: LeBron James or Donovan Mitchell greeting fans and shaking hands. While ... (full story)

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