San Francisco Fed President Mary Daly, speaking at a conference overnight, expressed optimism about the Fed’s progress in controlling inflation. “Confidence is growing that we are getting nearer a sustainable pace of getting inflation back down to 2%,” Daly noted.
However, she refrained from providing specific timelines or numbers for potential rate cuts. “I’m not going to give time-based guidance. I’m not going to tell you when the rate cut is, how many rate cuts might come,” Daly stated.
“Over time, as inflation comes down and the labor market slows, we have to make sure that we’re holding rates high enough that we don’t lose that inflation fight, but not hold them too long and risk worsening the labor market to a point where it’s challenging for people to get jobs,” Daly added.
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