San Francisco Fed’s Daly Comfortable With September Rate Hike, Sees More Tightening

Daly's comfort with the September move matters less as a signal about that decision than as a marker of how little appetite exists on the committee for an early pause, even from a policymaker whose vote is still years away. The comment reinforces that restrictive policy is being treated as the baseline rather than a peak, which keeps the burden of proof on any argument for loosening. The open question is whether this stance holds as more data arrive, and whether other officials echo it or begin to draw a distinction between the September step and what comes after.