Fed's Daly says it's “too early to tell” on end of rate-cutting cycle

• It's 'too early to tell' if the rate-hiking cycle is complete.
• Current monetary policy is 'slightly restrictive' and putting 'downward pressure on inflation'.
• The labor market is 'stable' and 'not creating any inflationary pressures', with businesses 'cautiously optimistic'.
• Key risks include the duration of geopolitical conflicts and how oil price shocks impact the economy.

San Francisco Fed President Mary Daly states it's 'too early to tell' if the current rate-hiking cycle is over. She highlights that current policy is restrictive and the labor market is stable, which are positive dynamics for bringing inflation down to the 2% target, but external risks like geopolitical conflict and oil prices remain key uncertainties.