San Francisco Fed President Mary Daly said on Monday she expects a rate cut later this year, but declined to provide a timeline or how much the central bank would cut, Wu reported.

She said now that it was confirmed that the labor market was slowing, it was extremely important not to let it slow too much so that it turned into a recession.

Every effort will be made to ensure the achievement of the two goals of price stability and full employment, and policies will be adjusted according to economic data and necessary conditions.