TechFlow news: San Francisco Fed President Daly said she believes it is appropriate for the Federal Reserve to begin cutting interest rates. In an interview on Monday, Daly stated, "The labor market has achieved a full balance. The time has come to adjust policy." This view echoes comments made last week by Fed Chair Powell, who expressed confidence at the Jackson Hole symposium that inflation is on a path back toward 2%, also stating, "The time has come to adjust policy."
Daly emphasized that the Fed must still bring inflation down to its 2% target, but she and her colleagues will also work to prevent restrictive policies from harming the labor market.
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