San Francisco Fed President Mary Daly said yesterday that “it’s premature in my mind to take anything off the table”, regarding the size of rate hike in December. She added. “I’m going into the meeting with the full range of adjustments that we could make on the table.
Daly also said recent CPI data was “way too early to cause a turning point on inflation… One month does not a victory make. It doesn’t give me comfort. We will need more good months of data before call this a turning point.”
“As we work to bring policy to a sufficiently restrictive stance — the level required to bring inflation down and restore price stability — we will need to be mindful,” Daly also said. “Adjusting too little will leave inflation too high. Adjusting too much could lead to an unnecessarily painful downturn.”
