Fed’s Daly Says Latest Data Show Monetary Policy Is Working

Federal Reserve Bank of San Francisco President Mary Daly said inflation data out Friday indicates monetary policy is working, but said it’s too early to tell when it will be appropriate to lower borrowing costs.

“It’s really challenging to look anywhere and not see monetary policy working,” Daly said on CNBC. “We have growth slowing, spending slowing, the labor market slowing, inflation coming down — that’s how policy works.”