Cleveland Fed's Hammack Says Time Exists to Weigh Policy, Signals No October Rate Move

Cleveland Federal Reserve President Beth Hammack said on Oct. 2, 2026, that the September employment report fits recent hiring trends and that she has time before deciding the next monetary policy move, indicating no rate action is likely at the Oct. 27-28 Federal Open Market Committee meeting. The September jobs report showed a hiring gain of 29,000 and an unemployment rate rise to 4.2%. Hammack told PBS NewsHour that job creation has averaged 41,000 per month over the past 12 months, largely in line with her estimate of the break-even level, suggesting stability in the labor market. Hammack has been an early supporter of raising rates to lower inflation. The Fed last month hiked its target rate by a quarter point to 3.75%-4%, with officials projecting another increase before year-end. Comments from key officials this week indicated no action is expected at the upcoming meeting.