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8/18, 3:57 PM (Source: TeleTrader)
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Fed's Daly: Rates won't be cut immediately after hikes

Federal Reserve Bank of San Francisco President and Chief Executive Officer Mary Daly said on Thursday that the central bank will not be cutting interest rates immediately after it raises them to a certain level.

Unlike markets, consumers seem to understand that notion, she told CNN. However, considering a slowdown in global economic growth and its potential spillover to the United States, the Fed should be careful about tightening policy too much, the official warned.

Concerning interest rates, she estimated that they should stay at slightly more than 3% in 2023.

Baha Breaking News (BBN) / MS