According to Reuters, Federal Reserve Bank(Fed) of San Francisco President Mary Daly declined to comment on the next likely Federal Reserve policy move but underlined that they must be highly date-dependent right now.
Daly additional remarks
“Want to see if policy tightening is affecting the economy.”
“Banking stresses have subsided, and banks are in good shape.”
“There is still a lot of data to collect before the June FOMC.”
“Tighter credit conditions could be equivalent to one or two rate hikes.”
“The Fed must be on the lookout for signs of a slowing economy.”
“Inflation expectations are well-anchored.”
“We don’t know how severe or long the credit tightening will be.”
“A meeting-by-meeting decision by the FOMC is a more prudent path.”
“The Fed global tightening cycle has slowed activity more than anticipated.”
“Balance sheet drawdown is working effectively.”
“Observing some signals of a slowdown in an otherwise robust job market.”
“Federal Reserve forecasts are only as good as the day they are printed.”
“Inflation has surpassed real wage growth for the majority of Americans.”
“It’s not surprising to see an increase in credit problems for some Americans.”
“It would be a historical anomaly to have 2% inflation and less than 4% unemployment.”
“It seems entirely reasonable to expect unemployment to rise above 4%.”
Market’s reaction on Daly Fed remarks
After these Fed remarks, the US Dollar Index maintains tiny daily advances at 103.30.
