SF Fed President Mary Daly
- We need to see how long to leave rates where they are
- Inflation is coming down. It's bumpy and slow
- No urgency to adjust Fed funds rate
- We are making progress
There isn't much of a signal in these comments.
- There is a real risk of cutting rates too soon
- If we lock inflation at this level, it's a 'toxic tax'
- We want to fully bring inflation back to 2%
- Economy is improving, there is a path where interest rates start to adjust this year, just not there yet
- Three cuts is a reasonable baseline this year
- Projection of 3 rate cuts is not a promise
