San Francisco Fed president: 'It's really too early to declare victory on inflation' | CNN Business

“There is no doubt that the good news on inflation is good news indeed,” Daly said in an interview with CNBC on Thursday. But she cautioned, “It’s really too early to declare victory on inflation.” The latest Consumer Price Index report published on Wednesday showed that annual inflation slowed from 4% to 3% in June, the lowest level since March 2021.

That lag effect is part of the reason why the labor market is just beginning to show signs of cooling in addition to the significantly slower pace of price increases now compared to a year ago, she said. But Fed officials “can’t just hold out hope… that lags are going to solve all our problems,” said Daly, who is an alternate voting member this year on the Fed’s committee responsible for interest rate decisions.

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