Fed rate setter calls for gradual interest rate cuts – reports

Mary Daly given ‘more confidence’

The US Federal Reserve needs to take a conservative approach to its upcoming interest rate cuts, as recent economic data provides “more confidence” that inflation has peaked.

Mary Daly, president of the San Francisco Fed and voting member of the Bank's Open Market Committee, told the FT that the latest data provided her some reassurance that inflation was now under control. US inflation dips below 3% for the first time since 2021 US inflation fell below 3% for the first time since in three years last week (15 August). This was followed by better than expected results from July's US retail and food services sales. Daly spoke ahead of the Bank's annual gathering in Jackson Hole, Wyoming this week, where leading members of the Fed and market participant...