FED: SF's Daly Echoes Powell On Starting Cuts Now, But Doesn't Sound Pro-50bp

Judging from a Bloomberg TV interview this afternoon, SF Fed Pres Daly (2024 FOMC voter) doesn't seem to be a proponent of an outsized 50bp rate cut in September.

• While she echoed Chair Powell's Jackson Hole speech by saying that the time to adjust policy "is now", and it's "hard to imagine" a September cut being derailed and "the direction of rates is down" - a step further from her pre-Jackson Hole comment that it's time to consider cuts - she sounds slightly more cautious in tone than Powell. 
• On the subject of rate cut sizes, for example, she said it's "too early" to know "what the tactics will be there", and that it's "reasonable" to cut at "the regular, normal cadence" if her core scenario of slowing inflation and "steady, sustainable" job growth plays out. If there is greater labor market weakness than anticipated, the Fed could be more aggressive. 
• Her general take is that policy is currently "highly restrictive" and needs to be "right-sized" in order to keep policy from becoming even tighter as inflation slows.
• On the labor market, she noted that it is "completely" back in balance, as are the risks to the FOMC's dual mandate goals, which is similar to Powell. While she said she agreed with the Chair's declaration that "we do not seek or welcome further cooling in labor market conditions", Daly also highlighted that "at this point I don't see any warning signs" (and cites for example low initial jobless claims; notes “we’re not hearing signs that firms are poised for layoffs").
• On the end-goal for rates, Daly commented that she saw the neutral real rate "as high as" 1%, implying a 3% Fed funds rate at neutral (with 2% inflation). Though she also said that she didn't think "we want to declare that we are on a path towards neutral" given economic uncertainty.