Interest rate message from San Francisco Fed President Daly

The recent decline in inflation and the gradual rebalancing of the labor market are good news, but more data is needed to determine whether further policy tightening is warranted, San Francisco Fed President Mary Daly said. “What’s going to be problematic is if we decide to finish this job, we’re done, we’re definitely going to have another one, even though we don’t really know,” Daly said at an event. “I’m not ready to declare victory. Patience is a prudent strategy.”