Fed’s Daly: The economy is clearly in a better place

Federal Reserve Bank of San Francisco President Mary Daly, in a post on social media platform X, said that the economy is clearly in a better place, inflation has fallen substantially and the labor market has returned to a more sustainable path.

Additional comments:

Data dependence does not mean being data reactive, but looking forward as the information comes in and projecting how we think the economy will evolve.

We must stay vigilant and be intentional, continually assessing the economy and balancing both of our mandated objectives of delivering on 2% inflation while ensuring that the labor market remains in line with full employment.

Households, businesses, and communities want a durable economy, with sustained growth, a good labor market, and low inflation.

The work to achieve a soft landing is not fully done and we are resolute to finish that job.

Market Reaction:

The remarks do little to provide any meaningful impetus to the US Dollar (USD), which stands firm near its highest level since early August amid bets for a less aggressive policy easing by the Federal Reserve (Fed).

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