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Fed's Daly says this week's rate cut was right move for Fed

Kitco Media
By Reuters
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Reuters
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Dec 12 (Reuters) - Federal Reserve Bank of San Francisco President Mary Daly said on Friday in a LinkedIn posting that she favored cutting interest rates at this week's monetary policy meeting.

"This week’s (Federal Open Market Committee) decision was not an easy choice," Daly wrote, opens new tab, with the Fed facing conflicts between its job and inflation goals. Inflation is too high and the job market is getting softer, she said, adding "we cannot let the labor market falter."

Daly wrote the Fed's quarter-percentage-point rate cut on Wednesday "puts us in a good place" to both lower inflation and to support the job market.

Reporting by Michael S. Derby; Editing by Chris Reese

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