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The Federal Reserve is expected to skip a rate hike in October.
Cleveland Fed President Beth Hammack emphasized the goal of cooling inflation at the margins without causing undo pain in the labor market and noted that the Fed does not seek lower inflation than when the U.S. emerged from the pandemic, according to Diane Swonk.
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Diane Swonk previously reported that the Federal Reserve was divided over the timing and scale of future rate hikes, based on FOMC September minutes. She has also shared findings from a Principal Financial Group poll showing that 53% of baby boomers feel able to manage debt, compared to 42% of other groups. These earlier updates provide context to ongoing discussions within the Fed and among U.S. households.