FED San Francisco Branch President Mary Daly made noteworthy statements about interest rate cuts. Daly said monetary policy adjustments would be discussed “immediately” at each Fed meeting going forward, but noted there was still significant uncertainty about whether a rate cut would occur in September. While Daly stated, “Two interest rate cuts would still be an appropriate adjustment for this year,” he also stated that he was no longer comfortable with a similar decision following the July decision. He also raised market expectations by saying, “We may not cut rates twice, but it's more likely we'll need more cuts.” Commenting on the July decision, Daly said, “I'm willing to wait another cycle, but I can't wait forever.” Commenting on the labor market, Daly stated that while the weakness isn't clear at this point, it's a gradual weakening, and further weakening would be undesirable. He also noted that there's no indication that the tariffs have had a lasting impact on inflation. *This is not investment advice.