According to Jinshi, Fed Chairwoman Daly said that three rate cuts by the Fed this year are a "reasonable baseline" expectation. In her speech, Daly emphasized two opposing risks that need to be considered when formulating policies: a slowdown in progress in reducing inflation and a sudden and sharp deterioration in the labor market. She believes that price stability is just around the corner, but there is more work to be done. Daly also discussed various factors that may hinder further progress in reducing inflation, such as labor force growth and productivity may not grow as strongly as before, consumer demand may not slow as expected, and continued economic momentum exceeds existing supply, which still poses risks to the inflation outlook.

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