Fed's Daly Supports Further Rate Cuts Based On Data

According to Odaily, Federal Reserve's Daly stated that the Fed will continue to adjust its policies. The recent rate cut was a narrow victory, and Daly strongly supports a 50 basis point reduction. The policy for the Fed's November meeting will be determined based on data. So far, there are no signs indicating that the Fed will not continue to cut rates. If inflation continues to decline, even with a strong economic performance, the Fed aims to remain open to further easing of policies. Daly also mentioned that during the Silicon Valley Bank incident, the concentrated risk within its client network was overlooked. She emphasized that an independent central bank is an advantage. Additionally, the Fed has not incorporated artificial intelligence into its policy work. Currently, the Fed's efforts in AI are focused on understanding how other institutions use AI and its impact on the economy.