Nothing New From Daly

Nothing new from San Francisco Fed President Daly (’24 voter) when it comes to the opening comments of her ongoing BBG appearance. She has reiterated her baseline case for a 50bp hike in September, although remains data-dependent stressing the need to look at more than one inflation report in isolation, while underscoring the idea that inflation is too high. She once again suggested that the U.S. economy is a “long way” from recession and flagged that she doesn’t want to tip the labour market over, while noting the need for financial conditions to remain tight. These comments are in line with various rounds of recent communqiue from Daly.