Fed's Daley: easing monetary policy "sooner rather than later"

Fed's Daley said in a conference call with the media on Thursday that she is more convinced that easing monetary policy is sooner rather than later in light of recent inflation and employment data. "Based on the information we've received so far, including data on employment, inflation, GDP growth, and the economic outlook, I think some policy adjustments may be necessary," Daley said. But Daley declined to say when she thought it would be appropriate for the Fed to cut rates. Daley said, "At this critical juncture, I have said publicly before that I think the directive forward guidance, including the number and timing of rate cuts, is actually not optimal." Daley noted that it is clear that the risks to the Fed's twin goals of price stability and full employment have been better balanced. She believes monetary policy is working, but "there is still considerable uncertainty about how the economy will evolve."