March 19, 2020 / 10:08 PM / 16 days ago

Fed's Daly says 'our tools are starting to work' in markets

March 19 (Reuters) - The U.S. central bank’s moves this week to slash borrowing costs, shore up plumbing in key pockets of the financial markets and remove barriers to tapping the Fed’s emergency loan window are starting to have an effect, San Francisco Federal Reserve President Mary Daly said on Thursday.

“It’s encouraging to see that there’s more borrowing at the discount window; it’s encouraging to see that some of the volatility in markets has settled down,” Daly said in a phone interview with Reuters.

“Our tools are starting to work in the markets that we care about, and I think that’s really important. We’ll continue to monitor that and see if more needs to be done.”

Reporting Ann Saphir;Editing by Sandra Maler

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