FED: SF's Daly: Two 2025 Cuts Still "Reasonable", "No Reason To Rush" - RTRS
San Francisco Fed President Daly (non-FOMC voter in 2025/26, dove) tells Reuters in an interview that she continues to expect two rate cuts in 2025, calling that a "reasonable" projection and unchanged from her view late last year.
- As such she's one of 9 (of 19) FOMC members to make up the 2025 median of 3.9% in the March projections (2 cuts), with only 2 more dovish than that (at 3.6%).
- Like other members, from Powell on down, Daly doesn't sound to be in any hurry to cut rates, and doesn't appear worried about economic activity right now. Given she's historically been one of the more dovish leaning FOMC members, this reinforces the notion that there's almost no appetite to ease at the next couple of meetings at least.
- She says "we have no reason to rush to judgment because policy is in a good place, the economy is in a good place, and so we can take the time that is needed to really assess the total impact, to learn the scope, magnitude, and timing of the actual final tariff packages, and then also learn about the impact on the economy."
- "I haven't changed my projection since last year because... I don't have enough information to make that change...we need to give the new administration and the industries that are being affected by it time to understand what's being changed and adjust to those changes and then see the impact it has on prices and growth and the labor market. And right now, we just don't know."
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
AUDUSD TECHS: Corrective Pullback Extends
- RES 4: 0.6471 High Dec 9 ‘24
- RES 3: 0.6429 High Dec 12 ‘24
- RES 2: 0.6414 38.2% retracement of the Sep 30 ‘24 - Feb 3 bear leg
- RES 1: 0.6409 High Feb 21
- PRICE: 0.6309 @ 14:52 GMT Feb 26
- SUP 1: 0.6300/6231 Intraday low / Low Feb 10
- SUP 3: 0.6171/6088 Low Feb 4 / 3
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 4: 0.6000 Round number support
AUDUSD is trading lower today. The latest pullback appears corrective, however, the pair has traded through support at the 50-day EMA, at 0.6316. A clear breach of this average would signal scope for a deeper retracement and expose 0.6231, the Feb 10 low. For bulls, a resumption of gains would refocus attention on key resistance at 0.6402/14 - the 100-dma and 38.2% of the Sep 30 ‘24 - Feb 3 bear leg respectively.
EQUITY TECHS: E-MINI S&P: (H5) Pierces Support
- RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing
- RES 3: 6200.00 Round number resistance
- RES 2: 6178.75 High Dec 6 and key resistance
- RES 1: 6069.41/6166.50 20-day EMA / High Jan 24
- PRICE: 5980.00 @ 14:35 GMT Feb 26
- SUP 1: 5924.00 Low Feb 25
- SUP 2: 5892.37 76.4% retracement of the Aug 5 - Dec 6 bull leg
- SUP 3: 5842.50 Low Jan 14
- SUP 4: 5809.00 Low Jan 13 and a reversal trigger
The latest move down in S&P E-Minis appears corrective, however, price has breached support at 6014.00, the Feb 10 low. This exposed a key support at 5935.50, the Feb 3 low, that was pierced on Tuesday. A clear break of it would allow for a deeper retracement. MA studies are in a bull-mode condition that suggests the trend direction remains up. A resumption of gains would refocus attention on key resistance at 6178.75, the Dec 6 ‘24 high.
US TSY FUTURES: BLOCK: June'25 5Y Sale
- -6,150 FVM5 107-15.25, post time bid at 0934:39ET, DV01 $271,000. The June 5Y contract trades 107-14.75 last (-1)
