Federal Reserve's Mary Daly Accepts Interview with Bloomberg TV

We still have some work to do on inflation. We are in a good position. We need to complete the work on inflation management. Our economic growth is robust, and the labor market is solid. The policy and economic conditions are good. Interest rates have been at restrictive levels for years. Commodity price inflation does show the impact of tariffs. The CPI in June reflected some of the tariff effects. Other areas of inflation are not expected to rebound.

Other parts of inflation are declining. Overly tight policy could trigger labor issues. We have not yet seen evidence of inflation spillover effects caused by tariffs. The impact of tariffs may be more moderate than we expected.

It is important not to cut rates too early; expecting two rate cuts this year is reasonable.

Businesses are optimistic; they are not stagnating. I see consumer spending slowing down, but not sharply declining. In the bond market, what I see is volatility, not a significant change in how investors are pricing. If financial conditions become too loose, we must consider that, but currently, I do not see that happening.

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