August 20, 2019 / 9:22 PM / 3 months ago

Fed's Daly says rate cut was to fight headwinds, not stop imminent recession

FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16, 2019. REUTERS/Ann Saphir.

(Reuters) - San Francisco Federal Reserve President Mary Daly on Tuesday said she supported a recent interest rate cut to counter economic headwinds but not because she saw an imminent recession.

“My support for this cut is based around my desire to see our economic expansion continue – not because I see an impending downturn on the horizon,” Daly said in a post on Quora, an online forum.

Reporting by Jason Lange in Washington; Editing by Dan Grebler

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