President, Federal Reserve Bank of Cleveland
2026 voter 2027 non-voter
| Institution | Federal Reserve Bank of Cleveland (District 4) |
|---|---|
| Current role since | August 21, 2024 |
| Term ends | — |
| Official page | www.clevelandfed.org |
| On X | @ClevelandFed |
Began her term August 21, 2024. Cleveland is a 2027 alternate and votes in 2028.
| Meeting | Decision | Vote | Preference |
|---|---|---|---|
| October 28, 2026 | hold 3.75–4.00% | Dissent, for a hike | Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| September 16, 2026 | hike 3.75–4.00% | With majority | |
| July 29, 2026 | hold 3.50–3.75% | Dissent, for a hike | Preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting. |
| June 17, 2026 | hold 3.50–3.75% | With majority | |
| April 29, 2026 | hold 3.50–3.75% | Dissent, for a hold | Supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time. |
| March 18, 2026 | hold 3.50–3.75% | With majority | |
| January 28, 2026 | hold 3.50–3.75% | With majority | |
| December 18, 2024 | cut 4.25–4.50% | Dissent, for a hold | Preferred to maintain the target range for the federal funds rate at 4-1/2 to 4-3/4 percent. |
| November 7, 2024 | cut 4.50–4.75% | With majority | |
| September 18, 2024 | cut 4.75–5.00% | With majority |
Source: FOMC statements, federalreserve.gov. From June 2026 the statements name only dissenters; majorities are inferred from the voting roster.
October 12, 2026 SpeechHawkish
68th National Association of Business Economics annual meeting.
Based on current conditions, forecasts, and risks to the inflation side of our mandate, I believe a restrictive policy stance will be needed for us to reach our destination in a timely fashion.
July 31, 2026 StatementHawkish
Given the stability of the labor market, with the unemployment rate near my estimate of maximum employment, I view high inflation as the more pressing problem. A higher federal funds rate would help restrain economic activity and reduce inflationary pressures.
June 2, 2026 SpeechHawkish
So, achieving maximum employment and price stability is often referred to as the FOMC's "dual mandate." Through the 1990s and into the 2000s, the FOMC debated and wrestled with how to square a specific inflation goal with our dual mandate. The resolution was "flexible inflation targeting," an approach that allowed the Committee to pursue both low inflation and maximum employment, without treating one as superior to the other.
May 1, 2026 StatementHawkish
I dissented from the post-meeting statement because I did not believe it was appropriate to include an easing bias around the future path for monetary policy. The current FOMC statement references language around "additional adjustments." This forward guidance was put into the statement to signal a pause rather than an end to the easing cycle.
March 6, 2026 SpeechHawkish
Under my base case, I think policy should be on hold for quite some time as we see evidence that inflation is coming down and the labor market stabilizes further. But it's easy to envision other scenarios, as well, so I see two-sided risks to rates.
February 10, 2026 SpeechHawkish
Two weeks ago, the FOMC kept the target range for the federal funds rate steady at 3-1/2 to 3-3/4 percent, a decision I voted to support. I believe we are in a good position to keep the funds rate at this level and see how things play out.
November 20, 2025 SpeechDovish
Lowering interest rates to support the labor market risks prolonging this period of elevated inflation, and it could also encourage risk-taking in financial markets. Financial conditions are quite accommodative today, reflecting recent gains in equity prices and easy credit conditions.
November 6, 2025 Speech
After last week's meeting, I see monetary policy as barely restrictive, if at all, and it's not obvious to me that monetary policy should do more at this time. But the future is inherently uncertain, and I'm watching developments closely.
July 16, 2025 Speech
As maximum employment is one side of our dual mandate, the Fed's Community Development function prioritizes gathering information about the labor market. It's important to understand any potential barriers that may get in the way of people getting and keeping jobs.
June 26, 2025 Speech
As maximum employment is one side of our dual mandate, understanding those barriers and learning about possible solutions are core to our work.
June 24, 2025 SpeechDovish
In my view, the current policy stance is only modestly restrictive: the labor market has been healthy, and inflation has come down only slowly under the current setting. This feels to me like policy is already close to neutral.
May 9, 2025 SpeechDovish
My view that monetary policy is only modestly restrictive is based on my assessment that the economy has been resilient, the labor market has been healthy, and inflation has come down only slowly under the current setting. Figuring out the neutral rate is always complicated.
April 23, 2025 SpeechDovish
Holding a large amount of duration may make less sense when monetary policy needs to turn restrictive to bring down inflation—even if the balance sheet is not the primary tool of monetary policy.
April 16, 2025 Speech
However, on our inflation objective, there is still more work to do to return the economy to price stability, which the FOMC defines as 2 percent inflation in the Personal Consumption Expenditures price index, or PCE inflation. Headline PCE inflation was 2-1/2 percent through February, and core PCE inflation, which excludes the volatile food and energy sectors, was somewhat higher.
February 27, 2025 SpeechDovish
First, I believe that monetary policy has the luxury of being patient as we assess the path forward, and this will likely mean holding the federal funds rate steady for some time. We have made good progress, but 2 percent inflation is not in sight just yet.
February 11, 2025 SpeechDovish
As I see strong economic growth, the low unemployment rate, and still-elevated inflation, my overall view as of today is that monetary policy is only modestly restrictive. But considerable uncertainty surrounds this assessment, and we may be at or close to a neutral setting already.