Federal Reserve (Fed) Bank of San Francisco President Mary Daly struck familiar chords on Tuesday, reiterating the stable outlook speechnotes that have become the bread and butter of Fed policymakers as of late.
Key highlights
The US economy is in a really good place.
December rate cut is absolutely not off the table.
The timing of rate cut is up for debate, but need to keep moving policy rate down.
The labor market is completely in balance, not a source of inflation.
We knew inflation would be a bumpy ride, it is moving down gradually, but more work to do.
Even if we do another rate cut, policy will remain restrictive.
Trade issues don't usually derail growth, economy adjusts.
The neutral rate is closer to 3%.
I don't see any reason for a rate hike; trajectory of change is down.
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