San Francisco Federal Reserve President Mary Daly on Monday said 'the time is upon us' to cut interest rates, likely starting with a quarter-percentage point...
- San Francisco Federal Reserve President Mary Daly on Monday said "the time is upon us" to cut interest rates, likely starting with a quarter- percentage point reduction in borrowing costs. Asked if there is anything that could derail a rate cut at the U.S. central bank's Sept. 17-18 policy meeting, Daly told Bloomberg TV that it "would be hard to imagine at this point."
"We haven't seen any deterioration yet in the labor market," she said, but "if we should see deterioration, or any signs of weakness, then being more aggressive to ensure that we don't see that, would be appropriate." The U.S. unemployment rate in July was 4.3%, nearly a full percentage point higher than it was a year ago, but still low by historical standards.
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