Fed hawk Beth Hammack, the president of the Cleveland Fed, said interest rates were not "significantly restrictive" and should remain stable for some time as officials awaited evidence that inflation had returned to its 2 percent target. Mr. Hamak also said that inflation expectations and other indicators must be monitored to assess whether financial conditions were consistent with the Fed's efforts to rein in price growth. "I think monetary policy can be patient as we assess the way forward, which could mean keeping the federal funds rate stable for some time," Mr. Hamak said in remarks prepared for a meeting in New York on Thursday. Mr. Hamak's views echoed those of a number of Fed officials who spoke on Thursday, with none expressing hope for a rate cut anytime soon, despite varying degrees of caution about the economic outlook.