Fed Daly: Easing monetary policy "sooner rather than later"

In a conference call with the media on Thursday, Ms Daly said she was more convinced it was sooner rather than later to ease monetary policy in light of recent inflation and employment data. "Based on the information we have received so far, including data on employment, inflation, GDP growth and the outlook for the economy, I think some policy adjustments may be necessary," Ms Daly said. But Ms Daly declined to say when she thought it would be appropriate for the Fed to cut rates. "At this critical juncture, as I have said publicly before, I do not believe that prescriptive forward guidance, including the number and timing of rate cuts, is actually optimal," Ms Daly said. Ms Daly said it was clear that the risks to the Fed's dual objectives of price stability and full employment had been better balanced. She believes monetary policy is working, but "there is still considerable uncertainty about how the economy will develop".