San Francisco Fed president "Supports a rate cut in December... risk of worsening employment is greater"
JH Kim
Summary
- Mary Daly, president of the Federal Reserve Bank of San Francisco, publicly said she supports a rate cut in December.
- Daly said the risk of labor-market deterioration is greater than the reacceleration of inflation.
- She said the December FOMC meeting is expected to see intense debate over the timing and size of a rate cut.
Mary Daly, president of the Federal Reserve Bank of San Francisco (the San Francisco Fed), publicly supported a rate cut in December.
According to economic news channel Walter Bloomberg on the 24th (local time), Daly said, "I believe a rate cut will be necessary at the FOMC meeting this December," and added, "At present, the risk that the labor market could suddenly deteriorate is greater than the risk of inflation reaccelerating."
He emphasized that the Fed's top priority is "stabilizing prices without a large increase in the unemployment rate."
Recently, there has been growing disagreement within the Fed over the size and timing of rate cuts, and the December meeting is expected to see fierce debate between hawks and doves.
JH Kim
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