Cleveland Fed's Hammack opposes rate cut

The Federal Reserve said that Cleveland Federal Reserve President Hammack opposed the Fed's decision to cut interest rates by 25 basis points, preferring to keep interest rates at the previous level of 4.5%-4.75%. Hammack became the second voter this year to dissent, after Fed Governor Bowman opposed a 50 basis point rate cut in September. In a program earlier this month, Hammack had expressed doubts about whether the Fed should continue to cut interest rates in the face of persistent inflation. Bowman voted in favor of this rate cut. (Jinshi)