TechFlow news, August 14 — According to Jinshi Data citing The Wall Street Journal, Federal Reserve Bank of San Francisco President Mary Daly opposes the necessity of a 50-basis-point rate cut at the Fed's September meeting. In an interview on Wednesday, Daly said: "To me, 50 basis points sounds like we're seeing an emergency—we're signaling urgency, and I don't see labor market momentum that strong. I don't see a reason to 'catch up'." Daly supported the Fed's decision last month to hold rates steady. She subsequently stated that, given inflation pressures are not as strong as expected and the labor market has softened somewhat, she would support a rate cut in September. Daly said she no longer describes the labor market as "robust," especially after the July nonfarm payrolls report significantly revised down job gains from previous months. She noted the labor market is "not bad right now," but "you know the direction of change is moving in an adverse direction. We can't ignore the fact that it is softening." She added, "Current policy may be too restrictive for the future path of the economy, so in my view, this calls for recalibration." Daly favors gradually adjusting policy toward a more neutral level over the "next year or so."
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