NEW YORK: Federal Reserve Bank of Cleveland President Beth Hammack said Wednesday big uncertainty over the outlook continues to argue for the Fed taking it slow on monetary policy to see how the economy performs.

"This is not a good time to be pre-emptive" with monetary policy, Hammack said after a speech in New York. "This is a good time to sit and wait and watch" and gather data to determine what the right course of action will be, she said. (Reporting by Michael S. Derby; Editing by Sandra Maler)