Federal Reserve (Fed) Bank of San Francisco President Mary Daly noted late on Wednesday that despite overall progress, the Fed still has some ground to cover on its fight with inflation pressures, and cautioned that the Fed may be forced to act soon without having the full picture.
Key highlights
The Fed has more work to do to bring inflation to 2%.
We need to recalibrate monetary policy to match risks to the Fed's goals.
Labor market has softened, additional slowing would be unwelcome.
Tariffs are unlikely to boost inflation persistently in a way that monetary policy would need to offset.
Will likely need to adjust policy in the coming months.
Can't wait for perfect clarity to act.
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