Fed’s Daly Says No Sense of Urgency to Lower Interest Rates
(Bloomberg) -- Federal Reserve Bank of San Francisco President Mary Daly said there’s no sense of urgency to lower interest rates, emphasizing officials can “carefully calibrate” policy.
“We do not need to be urgent,” Daly said Wednesday in an interview on PBS News Hour. “There’s no sense of urgency, but we do need to continue to carefully calibrate our policy and make sure it’s in line with the economy we have today and the one we expect to have going forward.”
She added policymakers would debate the best course of action at the Fed’s Dec. 17-18 meeting in Washington. Daly, who is a voter on the rate-setting Federal Open Market Committee this year, didn’t say whether she would support a rate cut at the central bank’s next meeting.
Fed officials have lowered rates by three quarters of a percentage point since September.
Fed Chair Jerome Powell said earlier on Wednesday that policymakers can move cautiously as they continue to lower interest rates, given the strong US economy. He also said downside risks to the job market appear to have receded. Powell also didn’t say whether he favored lowering borrowing costs this month.