MNI BRIEF: Daly Sees No Urgency For The Fed To Cut Rates

San Francisco Federal Reserve President Mary Daly said Friday she's in no hurry to lower borrowing costs, citing a strong labor market and the "bumpy ride" across recent inflation data, adding to the list of officials showing more hesitancy this week following stronger-than-expected price gains.

There is “no urgency to adjust the policy rate” she said at the start of an online talk, and said she's focused on a broad range of indicators rather than any single report. Inflation progress has slowed from last year and there is a lot of work to do before officials can be confident they are returning to price stability, Daly said. (See: MNI INTERVIEW: One Fed Cut Most Likely 2024 Outcome-Keister)

"I need to be fully confident that inflation is on track to come down to 2%, which is our definition of price stability, before we would consider a rate cut," she said. "What are we trying to accomplish? Bringing inflation back to 2% ... as gently as we can."