The market has just adapted to three consecutive interest rate cuts, and the hawks immediately come to add to the problem.

On December 22, Cleveland Fed President Beth Hammack made a significant statement: there is no need to adjust interest rates in the coming months, at least until spring next year.

There is a crucial detail - she will officially join the FOMC voting committee next year. This is not "personal rambling", but a way to signal in advance and test the internal consensus.

**Why should the market take her words seriously?**

Beth Hammack's identity is not simple: she is the president of the Cleveland Federal Reserve (one of the regional core Federal Reserves), a voting member of the FOMC next year, and has publicly opposed the recent cumulative 0.75% rate cuts. What she is saying is not "I personally do not agree", but rather sending a signal—that the rate cuts should not have been pushed forward so quickly.

**What is she really worried about?**

Not employment, but inflation. This is the turning point of the entire logic.

Beth's concerns about inflation have clearly outweighed worries about a weak labor market. In other words: employment can gradually improve, but once inflation spirals out of control, the Federal Reserve will have to take the blame.

The most striking point is that she specifically named the variable that the market is currently "pretending not to see"—**tariffs**. She clearly pointed out that the Federal Reserve will not be able to take further action until the impact of tariffs on the supply chain has been fully digested. This reserved time window coincidentally points to spring next year.