San Francisco Fed Pres. Daly on February jobs report: No one month of data is decisional

• February ADP non-farm payrolls unexpectedly cut 92,000 jobs, significantly below the +50,000 estimate.
• Daly states that 'no one month of data is decisional' but acknowledges the labor market is in a 'low hire, low fire state' and 'a little weaker than we have seen'.
• She notes inflation is 'printing above target' and oil prices are rising, creating a 'balance of risks' for the Fed's dual mandate.

San Francisco Fed President Mary Daly discusses the February ADP jobs report, noting that a single month's data isn't decisive. She highlights a 'low hire, low fire' labor market that's weaker than previously seen, alongside inflation printing above target and rising oil prices. Daly emphasizes a 'balance of risks' calculation for monetary policy, making it 'hard to hike right now'.