San Fran Fed’s Daly plays down recession fears

The Federal Reserve Bank of San Francisco
Shell Jiang

The Federal Open Market Committee (FOMC) was right to cut rates at its latest meeting, but that does not mean a recession is on the way, Mary Daly said in a recent online Q&A.

The San Francisco Fed president said, “I don’t think we’re headed towards a recession right now”, pointing to “solid domestic momentum”, the “strong” labour market and sustained consumer confidence.

The FOMC cut the policy rate and announced it would be ending “quantitative tightening” sooner than anticipated at its

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