Non-farm payrolls exceeded expectations, Daly (non-voting member in 2026) believes the Federal Reserve may still need to raise interest rates.

In October, non-farm payrolls increased by 165,000, far exceeding expectations, while the unemployment rate fell from 4.2% to 4.1%, and average wage growth is also rising. Daly stated that this is good news for American workers, the labor market looks quite stable, and it gives the Federal Reserve more space to continue focusing on reducing inflation.

In plain terms, this data shows that the resilience of the U.S. economy is still present, the labor market has not collapsed, but good data in the current environment translates to bad data, giving the Federal Reserve more confidence to maintain high interest rates. Daly herself clearly stated that the rate hike in September was correct, and it was appropriate to remain steady in October; it is likely that further tightening will be needed, and she will support continued rate hikes if the economy requires it.

Additionally, regarding the recent decline in AI-related stocks, Daly feels that this round of repricing, though painful, is currently orderly overall, with companies having made substantial investment commitments. If the adjustment reflects a slowdown in demand, growth may dip slightly, but she is not worried about a significant decline. The economic rebalancing she observes is a hoped-for change, and companies remain cautiously optimistic about the outlook.

Overall, Daly's view is that inflation is too high, interest rates should continue to be raised, and she considers the decline in AI stocks to be normal.

A @Gate, trading more markets

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