Comments by San Francisco Fed president, Mary Daly
- Global growth headwinds justified last week's rate cut
- Trade uncertainty has amplified, could chill business investment
- Doesn't see the economy heading into a recession
- Continued headwinds from trade, lower policy rates from other central banks could justify lower rates
It's very much a similar message to what we learned from Powell last week so there isn't anything new in this regard. Bullard will be speaking up ahead later today so keep an eye out for any potential key remarks.
As mentioned earlier today, Fedspeak will be the key item to watch ahead of the September FOMC meeting considering that markets have already fully priced in a 25 bps rate cut. Escalating trade tensions between US and China will likely keep things that way unless Fed members decide to guide the market otherwise.
