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Central Banks

Fed’s Daly Pushes Back Against Bets on Rate Cuts Next Year

  • US inflation rate is too high, San Francisco Fed leader says
  • Daly favors either 50- or 75-basis-point September increase
Mary Daly
Mary DalyPhotographer: David Paul Morris/Bloomberg
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Federal Reserve Bank of San Francisco President Mary Daly said the central bank should raise interest rates “a little” above 3% by the end of the year to cool inflation, pushing back against investor bets that officials would then reverse course.