Cleveland Fed President Beth Hammack said it would be appropriate to keep interest rates on hold for "some time" while policymakers wait for inflation to decline further and analyze the economic impact of the new administration's policies. "We've made good progress, but 2 percent inflation is not yet visible," Hammack said in a note prepared for the event in Lexington, Kentucky, on Tuesday. "As long as the labor market remains healthy, I will look for broad evidence that inflation can sustainably return to 2 percent before making further policy adjustments." Hammack outlined two key factors that require patience with monetary policy. She noted lingering upside risks to inflation, including strong consumer spending and the possible lag effect of last year's rate cuts.