- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
- Israel observes Yom Kippur amid firestorm over Lebanon strikes
- Trump demonizes migrants in dark, misleading speech
- X says 'alert' to manipulation efforts after pro-Russia bots report
- US, European markets rise before Boeing unveils sweeping job cuts
- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
US Fed should be patient as rate cuts considered: official
The US Federal Reserve should "resist the temptation to act quickly" as it contemplates the right time to begin interest rate cuts, a senior bank official said Friday.
"The economy is healthy, price stability is within sight, and there is more work to do," San Francisco Fed President Mary Daly told a conference in Washington.
"To finish the job will take fortitude," said Daly, who is a voting member of the Fed's rate-setting committee this year.
"We will need to resist the temptation to act quickly when patience is needed and be prepared to respond agilely as the economy evolves," she added.
The US central bank is currently in a holding pattern, after hiking rates to a 23-year high to tackle surging prices.
With inflation inching ever closer to the Fed's long-term target of two percent in recent months, officials have indicated they expect to start cutting interest rates this year.
But they remain divided over the best time to do so, with some voicing concern about prematurely declaring victory over inflation.
On Friday, Daly cautioned against being overly optimistic about projections that show the world's largest economy on track to vanquish inflation.
"Projections and expectations are just that: views about what we think will happen," she said.
"We need more time and data to be sure that they will be realized," she continued, adding that the Fed could afford to take a more "gradual approach."
"Gradual doesn't mean slow, it doesn't mean weak," she said. "It simply means not abrupt and urgently when you're facing a lot of uncertainty, and you already have policy in a good place."
Futures traders have also grown more pessimistic about the chances of an early rate cut in recent weeks.
After predicting a March cut as recently as December, they now assign a probability of less than 50 percent that the Fed will cut interest rates at either of its next meetings in March and May, according to data from CME Group.
Instead, they have placed a probability of more than 80 percent that the US central bank will have cut rates by June 12.
Y.Aukaiv--AMWN