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8/11, 6:37 AM (Source: TeleTrader)
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Too early to 'declare victory' over inflation - Fed's Daly

President of the Federal Reserve Bank of San Francisco, Mary Daly, told the Financial Times in an interview, published on Thursday, that it is too early for the Fed to "declare victory" over curbing inflation.

"There’s good news on the month-to-month data that consumers and businesses are getting some relief, but inflation remains far too high and not near our price stability goal," Daly cautioned after the latest report on the consumer price index revealed that the figure fell to 8.5% in July.

Daly further asserted that although the Fed has a lot more to do in order to bring inflation down to its desired levels, she doesn't "want to do it so reactively that we find ourselves spoiling the labor market," saying that a 75 basis point rate hike might not be "optimal policy" for the September meeting.

Baha Breaking News (BBN) / AY