Federal Reserve's Daly pointed out vulnerabilities in the labor market, indicating there is still room for interest rate cuts

Mary Daly, President of the Federal Reserve Bank of San Francisco, stated that she believes it may be necessary to lower interest rates one to two more times to address the weakness in the labor market. Currently, people in the labor market are "walking on thin ice" — rising prices are eroding wages, while new job opportunities are scarce. Daly said, "I think we need to keep an open mind about interest rates, a very open mind." (Reuters)