Federal Reserve Hamack: Benchmark expectation is to maintain interest rates unchanged for a long period of time. "On May 7th, according to Golden Jubilee Data, Cleveland Fed Chairman Hamack stated that the wording in the Fed's policy statement implying that the next step will be to cut interest rates is inconsistent with her assessment of the economic outlook. Hamak said on Thursday, "Our statement is that interest rates will remain unchanged, but the signal conveyed is that the next step is more likely to be a rate cut. I think this is a bit misleading because it is not consistent with my view of the current economic situation." She added that her benchmark expectation is that "interest rates will remain unchanged for a considerable period of time. Hamack was one of the three Federal Reserve officials who opposed the wording in the statement at last week's meeting suggesting that the Fed may resume interest rate cuts. Hamak reiterated on Thursday that she supports maintaining interest rate stability, but believes that the economic outlook and future policy path face higher uncertainty. She said that the duration of the Iran war will be crucial, and added that higher prices may affect consumption and economic growth.