Daly Says More Rate Cuts Likely But Fed Should Move Cautiously

Federal Reserve Bank of San Francisco President Mary Daly said further interest-rate cuts are likely needed, but the US central bank should approach those with caution.

“It is likely that further policy adjustments will be needed as we work to restore price stability while providing needed support to the labor market,” Daly said Wednesday in prepared remarks for an event at the University of Utah.

“But these are projections, not promises, and making good decisions will require us to anchor on our objectives, assess the trade-offs and decide, again and again,” Daly said in a speech focused on the need ...