Fed’s Daly Sets High Bar for Slowing Pace of Policy Tightening
- Core inflation needs to flatten out or decline, Daly says
- San Francisco fed chief ‘doesn’t see’ rate cuts next year
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Federal Reserve Bank of San Francisco President Mary Daly sees a high bar for slowing the central bank’s 75 basis-point pace of interest-rate increases, though she’s watching key data between now and their Nov. 1-2 meeting.
“We’re data dependent. When the data show what we need to see, then we will downshift,” Daly said Wednesday in an interview at Bloomberg headquarters in New York. “When the data don’t show it, then we’re going to have to keep doing what we’re doing.”