Fed's Daly: Easing monetary policy "sooner rather than later"

Federal Reserve Chair Powell said in a phone call with the media on Thursday that given recent inflation and employment data, she is more convinced that easing monetary policy sooner rather than later is appropriate. "Based on the information we have received so far, including data on employment, inflation, GDP growth, and economic outlook, I believe that it may be necessary to make some policy adjustments," Powell said. However, Powell refused to disclose when she thinks it would be appropriate for the Fed to cut interest rates. Powell said, "At this critical moment, I have previously stated publicly that I believe prescriptive forward guidance, including the number of rate cuts and timing, is not actually optimal." Powell pointed out that it is clear that the risks facing the Fed's dual goals of price stability and full employment have been better balanced. She believes that monetary policy is working, but "there is still considerable uncertainty about how the economy will develop."