Fed's Mary Daly and Raphael Bostic cautious on declaring victory over inflation

San Francisco Federal Reserve President Mary Daly stated that while tighter monetary policy has helped bring down the pace of inflation, it is still too early to declare victory. Daly compared the Fed's job of determining the appropriate level of policy restriction to someone riding a horse and trying to gauge if the bridle has been pulled back enough to stop. The Federal Open Market Committee recently decided to hold rates steady, and Daly emphasized the importance of being forward-looking and responsive to incoming data.