MNI BRIEF: Daly Supported Latest Fed Rate Cut

San Francisco Fed President Mary Daly on Friday said she favored cutting interest ‌rates at this ‌week’s monetary policy meeting, noting that holding policy too tight can cause undue harm to American families with a weaker labor market. 

"The FOMC must continue to bring inflation down. Anything other than 2% is not an option," she said in a blog post.  "But it matters how you get there. This means we cannot let the labor market falter." Daly said she supported the Fed's rate cut earlier in the week. (See: MNI: Fed Biased To Ease With Focus On Jobs - Ex-Officials) 

"Holding policy too tight can cause undue harm to American families and leave them with two problems: above-target inflation and a weak labor market," the San Francisco Fed chief said. "Congress gave us two goals. And our job is to meet both of them. The recent policy decision puts us in a good place to achieve that."