Susan Collins, President of the Federal Reserve (Fed) Bank of Boston, said that to cut interest rates again, the Fed needs to see clear evidence of inflation ebbing, adding that she sees no need to change the monetary policy stance urgently at a gathering in Springfield, Massachusetts on Friday.

Key quotes:

Expects Fed rate target to hold steady ‘for some time’.

Now is time for Fed to be patient and deliberative with rate policy.

To cut rates again, need to see clear evidence inflation ebbing.

Sees no urgent need to change monetary policy stance.

Job market appears relatively stable.

Outlook for inflation is uncertain with upside risks.

Expects inflation to ease slowly to 2% target.

Fed policy is currently well positioned.

Latest on tariffs could bring more inflation pressure.

Current economic outlook is fairly benign.

Financial conditions support expansion.

Possible hiring pace may pick up, but likely to remain modest.

Expects ‘solid’ growth, inflation to ease later this year.

Outlook attended by considerable uncertainty.”