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Daly - No Urgency To Adjust Interest Rates

FED
  • Daly (’24 voter) told Axios after a commencement speech on Friday that it's not clear whether inflation is definitively receding and there is no "urgency" to adjust interest rates.
  • "I'm not confident inflation is yet coming down sustainably to 2%, but I don't see any evidence right now that we need to adjust upwards either,"
  • On rents: "I expect less improvement quickly in shelter inflation than you might traditionally see in a regular adjustment cycle [...] It doesn't mean it's not happening; it just means it isn't going to be rapid."
  • The comments are in keeping with her prior remarks from May 9, when she didn’t see evidence that the labor market was nearing a worrisome place and that inflation is going to be a bumpy ride, but also that there isn’t a need to push the economy down to ease inflation further.
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