San Francisco Fed President Mary Daly suggested a 50 basis-point rate increase isn’t locked in at the U.S. central bank’s next policy meeting, saying the Federal Reserve is “far from done yet” in bringing down inflation.
“Absolutely — and we need to be data-dependent,” Daly said on CBS’ “Face the Nation” when asked about the likelihood of a half percentage-point increase by the Fed in September. “We need to leave our minds open. We have two more inflation reports coming out, another jobs report.”
A strong jobs report on Friday buoyed support for another 75 basis-point rate hike by the Fed. Policymakers still have another jobs report and several inflation indicators to parse before that meeting, scheduled for Sept. 20 and 21. U.S. employers added 528,000 jobs in July, more than twice what economists had forecast.
