San Francisco Fed President Daly Delivers Speech - July 11, 2025
Key Points Summary
1. Fed's Daly stated that the economic situation is good, growth and employment are robust, inflationary pressures are easing, and monetary policy remains restrictive.
2. The labor market is gradually cooling, consumer spending is slowing but not stopping, the impact of tariffs is limited, and economic fundamentals support gradual rate cuts.
3. Daly emphasized the need to maintain policy flexibility, waiting for inflation to rise, and may consider rate cuts in the fall, as corporate and household conditions are good.
4. The impact of tariffs on prices is limited, importers and retailers absorb some of the tariffs, the market is easing, and inflationary pressures are reducing.
5. There is uncertainty in the policy outlook, and the Fed may implement two rate cuts, requiring continued attention to changes in economic data.
