In a speech given by Daly, the FOMC voting member and president of the San Francisco Fed, in 2024, the mission of the Federal Reserve and the risks it faces are becoming more balanced, and she is open to cutting interest rates at the upcoming (September) meeting.

Daly said: "The underlying data in the July employment report provides some confidence that we are slowing down but not collapsing. I do not think the weakness in the labor market will worsen now and will closely monitor whether the next employment market report reflects the same dynamics or reverses. If we only react to one data point, we will almost always be wrong."