Towards NY closing, San Francisco Fed President Mary Daly crossed the wires, via Reuters, speaking in an interview with Bloomberg TV.
Key Quotes:
Rate cuts this year have put policy in a very good place.
The current policy rate is appropriate for economy that we have now.
We can keep the stance until inflation is back at target.
Risks include slower global growth, Brexit, trade issues.
Seems like there is still room to run in the labor market.
If global growth gets slower, trade uncertainty is prolonged, that could materially change outlook;
Economy is in a good place in part due to Fed’s rate cuts;
Open to the idea that risks are on the downside.
Fed is very focused on getting inflation higher.
Fed must get inflation to 2% for the next downturn.
We are surprised how low jobless can go without inflation.
It’s hard to know reasons for slowing and China’s economy.
Fed must manage payment system risks from climate change.
Daly’s comments had virtually no impact on the US dollar index, as it traded around 98.30 levels, with markets digesting the latest US-China trade jitters.
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