Fed's Daly: No urgency to adjust the rate

Equities still near session lows, and we had San Francisco Fed President Mary Daley speaking about the economy and a fireside chat. Let’s get over to Steve Liesman with the headlines. Steve. Hey, Deirdre. Yeah, San Francisco Fed President Mary Daley sort of joining the chorus of Fed folks being in no hurry to cut rates. She says inflation is coming down, but it’s bumpy and slow. There’s no urgency to adjust the rate right now. Three cuts she calls a reasonable baseline, but not a promise, as the Fed has to be prepared if inflation proves to be sticky, therefore standing. Pat. Dailey says it’s the right policy for the moment. Economy is improving. In fact, she calls it solid, but says there’s a path where interest rates start to adjust this year. Just not there yet. There’s a real risk, she says, of cutting rates too soon, really echoing what we’ve heard from other folks, including Waller, including Nestor, this morning. If we lock inflation in at this level, she says, she calls it a toxic tax. Finally, she says steady in the boat is the right matcha for now, Deirdre.

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