November 5, 2019 / 12:13 AM / 15 days ago

Fed's Daly says Fed's three rate cuts 'completely appropriate'

NEW YORK (Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Monday said she viewed the U.S. central bank’s interest rate cuts this year as “completely appropriate,” adding that the U.S. economy needs slightly accommodative monetary policy to continue to expand.

“I was supportive of the three rate cuts we took,” Daly said to reporters after an event at New York University. “My projection is the economy is in really good place and it would take a material change in the outlook for me to think that further accommodation would be required,” adding that low rates and growth in wages will help the economy to reach the Fed’s 2% inflation target.

Reporting by Jonnelle Marte; Editing by Sandra Maler

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