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Fed Daly: 50bps is the case for Sep FOMC meeting

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San Francisco Fed President Mary Daly told Bloomberg TV overnight that 50bps rate hike “is the case” for September FOMC meeting. But added, “I am open to 75 should the data evolve differently.”

Daly didn’t expect rate cuts to quickly follow the current tightening cycle once inflation is conquered. “I don’t see this hump-shaped part where we raise interest rates to really high rates and then bring them down,” she said. “I think of raising them to a level that we think is going to be appropriate and then holding them there.”

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