Fed's Daly: There will be several more rate cuts, 3% may be a good guess for the neutral interest rate

Fed's Daly believes that the Fed will still have several rate cuts before monetary policy returns to neutral. "The fact is that we are a long way from where we might be," Daly said of the federal funds rate. She added that it is possible that the nominal neutral interest rate rose before the outbreak, but the exact level is difficult to accurately predict. She said 3% might be a good guess. (Jinshi)