SF Fed President Mary Daly
- It's taking longer for policy to work, but it's working
- I'm looking at scenarios, we will react. It's too early to tell what we will do
- Inflation data shows it's cooling, policy is working as expected
- Anticipate generative AI will boost productivity, but it's too early to speculate on
- "I think we'll continue to see inflation printing above 2%, potentially, through 2025"
That last comment is an interesting one. She is a dove and a voter next year but it's tough to price in too many cuts if inflation doesn't get back down. The newswires missed out on the 'potentially' word in the comment, which is important, but above 2% is a problem.
