PANews reported on May 7 that Cleveland Federal Reserve President Hamak stated that the wording in the Fed's policy statement suggesting the next step would be an interest rate cut was inconsistent with her assessment of the economic outlook. Hamak said on Thursday, "Our statement said interest rates would remain unchanged, but the signal it sent was that the next step was more likely to be a rate cut. I think that's a bit misleading because it's not consistent with my view of the current economic situation." She added that her baseline expectation is that "interest rates will remain unchanged for a considerable period of time." Hamak was one of three Fed officials at last week's meeting who objected to the wording in the statement that suggested the Fed might resume rate cuts. Hamak reiterated on Thursday that she supports maintaining stable interest rates but believes there is greater uncertainty regarding the economic outlook and the future policy path. She stated that the duration of the Iran war will be crucial, adding that higher prices could impact consumption and economic growth.