Federal Reserve official Hammack: With clear data, the Federal Reserve may take action in June.

Cleveland Federal Reserve Bank President Beth Hammack ruled out the possibility of a rate cut in May, but said that if there is clear evidence of an economic direction, the central bank could take action as early as June. "If by June we have clear and convincing data, and know for sure what action should be taken at that time, then I believe the committee will take action," Hammack said in an interview on Thursday.