More Fed Daly, 'hard to say' if further rate cuts will come now, later in 2025, or when

Federal Reserve Bank of San Francisco President Mary Daly is really giving very little away.

Earlier:

• Fed's Daly says further monetary policy adjustments are likely to be needed

And now:

• hard to say if further rate cuts will come now, later in 2025, or when

Daly is often seen as a mouthpiece for Federal Reserve Chair Powell. If so, it appears the FOMC is in a git of a state of indecision.

More now:

• the labor market is not weak
• the labor market is not as speedy as it was, its sustainable, and don't want to see further softening
• once the labor market tips into weakness, its difficult to get it back out
• rate cut was like taking out insurance ion the labor market
• this is not stagflation
• we have work to do on inflation and don't want the labor market to get weak
• the risk of recession is very low right now
• the evidence is consistent with tariffs have a one-time impact on inflation
• interest rate cut will help a little on housing, but even bringing it down to neutral won't fix supply issues that is hurting affordability