Mary Daly
- We are committed to getting core inflation down
- There's a lot more info coming in before
- I see slowing in the economy but we're not there yet
- It's still hard to find workers, the economy isn't yet in balance
- Whether we need to hike rates or hold them steady for a longer period, it's premature to project, there is a lot of data left
- We've been watching the data and asking 'does anything we're seeing change the outlook'
- Today's inflation data is a 'good data point'
- If core services ex housing doesn't come down and stalls, that's something I'm watching
- I'm going to hold myself to data dependence
- I would need to really gain confidence that the path of inflation is completely downward. That's not food or energy prices, it's goods price inflation, which is coming down.
- If you look at new leases and new rents, that's pulling things down
- We're going to be watching supercore carefully, that's a big component of spending and it hasn't made much progress so far, we need to see it come back to pre-pandemic levels
- If demand slips below supply, that would be a good indication we could cut rates
- We are a long way from a conversation about rate cuts
Daly oftentimes acts as a mouthpiece for Powell. This might be a preview of what the Fed says at Jackson Hole.