MNI BRIEF: Fed's Daly Sees 50BPS As Base Case For Sept--BBG TV

San Francisco Fed President Mary Daly said Thursday that in the wake of a softer-than-expected July CPI report she sees a 50 basis point interest rate hike as the most likely outcome for the Fed's September meeting, but added she is open to a larger move if inflation proves more stubborn.

“With those numbers in hand I still think 50 basis points is the (base) case but I am open to 75 should the data evolve differently," she told Bloomberg TV. "Inflation is still too high and we still have a lot of work to do."

St. Louis Fed President told MNI's FedSpeak podcast this week it was still too soon to call an inflation peak given that previous calls had proven misguided. Daly echoed that sentiment, saying that "we don’t want to be headfaked."