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Fed's Daly States Cuts May Be Needed Next Year To Prevent Over-Tightening

FED

In an article in the WSJ by Fed watcher Nick Timiraos, San Francisco Fed President Daly states that rate cuts could be considered next year given how much inflation has improved in 2023 (see this link for more details).

  • Daly noted her outlook for rates and inflation were very close to the median projections presented by the Fed last week.
  • If inflation continues its recent downward trajectory, 3 rate cuts next year would still leave policy quite restrictive she added.
  • She will be focused on labor market developments. Adding that the Fed doesn't want to give price stability but take away jobs.
  • The other focus point is real rates, with Daly stating that allowing real rates to increase runs the risk of the Fed over tightening.
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