October 15, 2024 15:44 GMT
FED: Daly Says Must Stay Vigilant For Sustained Expansion
FED
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- SF Fed’s Daly (’24 voter) says in keynote remarks that "Continued progress is not guaranteed […] We must stay vigilant and be intentional, continually assessing the economy and balancing both of our mandated objectives."
She doesn’t offer any more explicit steer on the rate outlook in her prepared remarks, having said after the strong payrolls report that she saw one or two more cuts as spanning the range of likely moves this year.
Some points from her remarks (livestream here):
- She sees the risks to inflation and employment as “now in balance” and no longer sees the labor market as a major source of inflation.
- She sees the current economic expansion as still relatively young.
- Even with the 50bp cut in September, policy remains restrictive. "I see this recalibration as 'right-sizing,' recognizing the progress we've made and loosening the policy reins a bit, but not letting go."
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