Conditions still support ongoing reductions in the Federal Reserve's balance sheet, Cleveland Fed President Beth Hammack said on Wednesday, as she also noted that amid great uncertainty now is not the time to change monetary policy.

She pointed to potential costs when the central bank lets its reserves stay too large.

Federal Reserve Bank of Cleveland President Beth Hammack ruled out a May interest-rate cut but said the central bank could move as early as June if it has clear evidence of the economy’s direction.