President of the Federal Reserve Bank of Cleveland, Bet Hummack, as well as other Federal Reserve officials, have made cautious statements regarding expectations of interest rate cuts.

Hummack stated that the current Fed policy remains the baseline scenario in the long term, and that the statements in the minutes of the last meeting, which markets interpreted as suggesting that "the next step could be a rate cut," do not align with his economic forecast.

In today's statement, Hummack said that although the Fed's policy statement indicated that interest rates would remain unchanged, the signal given to the market pointed to a possible rate reduction. Arguing that this could be misleading, Hummack stated that current economic conditions do not support a rate cut and that the overall expectation is that interest rates will remain "unchanged for a long period."