Exclusive | Fed’s Daly Backs December Rate Cut, Citing Vulnerable Labor Market – The Wall Street Journal

Exclusive | Fed’s Daly Backs December Rate Cut, Citing Vulnerable Labor Market – The Wall Street Journal

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Views of San Francisco Fed president are significant because she has rarely deviated publicly from the position of Chair Jerome Powell

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San Francisco Fed President Mary Daly said she supports lowering interest rates at the central bank’s meeting next month because she sees a sudden deterioration in the job market as both more likely and harder to manage than an inflation flare-up.

“On the labor market, I don’t feel as confident we can get ahead of it,” she said in an interview Monday. “It’s vulnerable enough now that the risk is it’ll have a nonlinear change.” An inflation breakout, by contrast, is a lower risk given how tariff-driven cost increases have been more muted than anticipated earlier this year, she said.

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