San Francisco Federal Reserve President Mary Daly said the Federal Open Market Committee needs to take a gradual approach to lowering borrowing costs.
Financial Times front page:
The Financial Times is closed, but here’s a very brief summary of the report on the interview:
- Daly calls for ‘wise’ approach to price cuts
- Denies concerns about sharp economic slowdown
- Latest data gives ‘more confidence’ that inflation is under control
- No need for dramatic response to weak labor market
If you want more, you can head over to the FT’s Twitter account, where you can read the article from the image.
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There’s nothing surprising about Daly’s comments here. The messages we’ve been getting are that the Fed is likely to move cautiously on rate cuts, while closely watching incoming data.
Powell’s speech in Jackson Hole on Friday will be closely watched for any further political clues he might add to the mix.
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