Cleveland Fed President Beth Hammack said interest rates will remain on hold for quite some time, signaling the central bank's cautious approach to monetary policy. Speaking to Bloomberg's Michael McKee in New York, Hammack indicated that the Federal Reserve is in no rush to adjust rates given current economic conditions.

Her comments come as markets closely watch for signals on the Fed's next moves. The central bank has been navigating inflation concerns while trying to support economic growth, making rate decisions particularly sensitive. Hammack's position as a regional Fed president gives her insights into economic conditions across the Midwest and broader US economy.

The Fed's stance on rates affects everything from mortgage costs to business lending rates. Hammack's assessment suggests borrowers and businesses should expect stable borrowing costs in the near term, though she didn't rule out future adjustments depending on how inflation and economic data evolve.