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San Francisco Fed president Mary Daly: We want to finish the inflation fight

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San Francisco Fed president Mary Daly: We want to finish the inflation fight


Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.

The market is spooked by an inflation-concerned Fed not smashing the pedal down to slash rates and appease bullish investors.

The vibe is not lost on San Francisco Fed president Mary Daly, seen often as a policy dove who’s a voting member on the FOMC this year.

“Well, it was a close call, frankly, and it took a lot of deliberation as it often does with myself and my team, and then also with the FOMC participants. Ultimately, I decided that it was appropriate to reduce [interest rates] 25 basis points — that will be 100 basis points of recalibration. And I see that as right-sizing the policy rate level to the economy,” Daly said on Yahoo Finance’s Opening Bid podcast (video above).

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Added Daly, “So I see the recalibration period now as completed. We now are back to the time we can make our decisions more slowly. Data-dependent, using the data to affect the incoming forecast and, you know, determine how many rate cuts we’ll ultimately do next year. We’ll have to be agile and data-dependent.”

On Wednesday, the Federal Reserve reduced interest rates by 25 basis points to a range of 4.25% to 4.5%. It marked the Fed’s third straight rate cut of 2024, which began with a blast — a 50 basis point reduction on Sept. 18.

Daly voted for the reduction in interest rates. The lone dissenting vote — a rarity under the Jerome Powell-led Federal Reserve — was newly appointed Cleveland Fed president Beth Hammack.

Hammack preferred not to cut interest rates.

“I mean, we might get really positive inflation news and we’ll react to that if we do. But I do think that we want to make sure we finish the job,” said Daly, who noted getting inflation to 2% helps build trust and credibility for the Fed.

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“So we are resolute to get that job done and that will mean restricted policy through the year [in 2025] in all likelihood.”

San Francisco Fed president Mary Daly talks with Yahoo Finance executive editor Brian Sozzi on the outlook for Fed policy on Yahoo Finance’s Opening Bid vodcast. · Yahoo Finance

But what spooked a market that has been bidding up Big Tech stocks such as Apple (AAPL) and Meta (META) with reckless abandon in December was the Fed not committing to aggressive rate cutting in 2025.

The consensus among Fed officials is now for two rate cuts next year, down from the four forecast in September. The outlook for inflation is further clouded by potential moves by the incoming Trump administration, such as possible tariffs on China.

The Dow Jones Industrial Average promptly finished Wednesday’s session down more than 1,100 points. Stocks stabilized Thursday and Friday, with the latter supported by a slower increase than expected on the Personal Consumption Expenditures (PCE) index.

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Floats for San Francisco Chinese New Year Parade get finishing touches

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Floats for San Francisco Chinese New Year Parade get finishing touches


SAN FRANCISCO (KGO) — ABC7 Eyewitness News got a sneak peak as crews put the finishing touches on the floats you’ll see at Saturday’s San Francisco Chinese New Year Festival and Parade.

Since it’s the year of the fire horse, you’ll see a lot of horses and fire symbolism on the floats, housed at Pier 19.

“So Year of the Horse, it’s energy, it’s passion, it’s momentum so a lot of things that we’re really hoping to embody in the new year,” said Stephanie Mufson, owner of San Francisco-based The Parade Guys, which designs and constructs the floats.

She said they’ve been building them for about three months, with the designs starting in November.

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MORE: Bay Area artist brings Year of the Horse statue to life for Golden State Warriors

“We’re in the home stretch,” she said. “We’ve got a couple of days left and we’ve got a nice little team that’s cranking out all the finishing work that needs to go into it.”

Derrick Shavers was sanding some wood that will be painted and become cherry blossom trees on a float.

“It’s exciting,” Shavers said. “I look forward to coming every year and just creating and making things shine and sparkle.”

Bon was painting mountains for a float, making sure everything is perfect in time for the parade.

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MORE: Meet the 2026 San Francisco Chinese New Year Parade mascot, Maverick

“It’s one of the few parades that actually happens at night still,” Bon said. “So we got to make sure all the lighting is in check, and people are safe on the float. It’s all in the details, just for it to walk by you for 10 seconds.”

Ten seconds that bring so much joy to those watching the parade.

Here’s how you can watch the parade on ABC7 Eyewitness News on Saturday, March 7.

Coverage starts at 5 p.m. wherever you stream ABC7.

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SF Chinese New Year Parade 2026: How to watch ABC7 Eyewitness News live coverage


If you’re on the ABC7 News app, click here to watch live

Copyright © 2026 KGO-TV. All Rights Reserved.



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Celebrated San Francisco historic landmark, the Huntington Hotel officially reopens

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Celebrated San Francisco historic landmark, the Huntington Hotel officially reopens


SAN FRANCISCO (KGO) — First opened as apartments in 1922 and converted into a hotel two years later, the Huntington was once a playground for socialites and Hollywood stars.

It shut its doors in 2020 due to the COVID-19 pandemic and remained shuttered until this week, following new owners and a million-dollar, top-to-bottom renovation.

A ribbon-cutting ceremony was held for The Huntington Hotel in San Francisco’s Nob Hill neighborhood Monday.

The hotel officially reopened on Sunday.

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Mayor Daniel Lurie attended the celebration for the hotel on California Street.

“This is another sign that San Francisco is on the rise, when you have major institutions and major hotels reopening,” Lurie said. “We’re seeing it in Union Square. We’re seeing it now up here on Nob Hill. This is an exciting moment for San Francisco.”

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The hotel, known for its iconic sign, will be restoring the landmark sign to its former glory.

Many say it’s a symbol of what’s going on in San Francisco.

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“It came to symbolize San Francisco’s decline during COVID when it shut and it now, I think, symbolizes San Francisco’s rebirth,” said Greg Flynn, Flynn Group Founder, Chairman, and CEO. “It’s sort of the perfect symbol of it because it’s coming back better than it ever was.”

Alex Bastian, President and CEO of the Hotel Council of San Francisco, said hotel occupancy rates are up in 2024.

“Our data team crunched the numbers, and the four-week rolling hotel occupancy rate for San Francisco Bay Area hotels is 55.1 percent as of January 17 of this year. Compare that to January 17 of 2021, during the pandemi,c when it was 13.1 percent.”

Of course, the Super Bowl helped.

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Here’s what Super Bowl LX visitors are saying about San Francisco

“There’s no marketing campaign better than what we achieved as San Franciscans,” Bastian said. “The mayor and his team really elevated the game. They did an incredible job. We are so fortunate, as a city, because so many came here and they left their hearts here in San Francisco.”

Eyewitness News wasn’t allowed to gather video of the hotel’s features, but the hotel provided renderings of a sample room.

Matthew de Quillien, The Huntington Hotel General Manager, said the hotel has 143 rooms, many of them suites. Also, the Nob Hill Spa, Arabella’s Cocktail Salo,n and a reopening of The Big Four Restaurant, featuring its famous chicken pot pie.

“Our owner was able to find the original recipe from the 70’s and we remastered it and we’re … serving it to our guests,” de Quillien said.

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He said rates range from $600 a night to $7,000 a night for its Presidential suite.

The restaurant opens to the public on March 17.


If you’re on the ABC7 News app, click here to watch live

Copyright © 2026 KGO-TV. All Rights Reserved.

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Vigil held for 2-year-old girl killed in SF Mission Bay crash

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Vigil held for 2-year-old girl killed in SF Mission Bay crash


Walk SF and Families for Safe Streets held a vigil Monday evening to honor a 2-year-old girl who was struck and killed by a driver Friday night in San Francisco’s Mission Bay neighborhood.

The crash happened just before 9 p.m. at Fourth and Channel streets near Oracle Park. Police said the child’s mother was also injured and taken to a hospital with non-life-threatening injuries. The driver remained at the scene, and authorities said drugs or alcohol are not believed to be factors.

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Community heartbroken

Community members gathered at the intersection Monday to light candles and lay flowers. Among them was the Howard family.

“We’re just heartbroken and sad,” said Hidelisa Howard.

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“I was thinking about heartbroken parents, someone who cannot get their daughter back,” said John Howard.

The intersection is designated as part of San Francisco’s 2022 High Injury Network, identifying streets with the highest concentration of severe and fatal traffic crashes. Speed cameras were recently installed in the surrounding neighborhood.

Jodie Medeiros, executive director of Walk SF, called the crash a tragedy, noting a previous fatal collision involving a child at Fourth and King streets several years ago.

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Traffic intensifies

Parents in the area said traffic has intensified with nearby events and development.

“We love having people here in the neighborhood, and it’s brought a lot of life to the area,” said Hidelisa Howard, who lives nearby. “But at the same time, we have people coming in from out of the area. They’re not familiar with the streets, they’re running the lights, they’re running the crosswalks.”

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District 6 Supervisor Matt Dorsey said the intersection has been problematic.

“Sometimes people go too fast. I don’t know that this was the issue here, but we need to do everything we can to make our neighborhoods and our streets safer,” Dorsey said.

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On Monday, crews with the SFMTA repainted crosswalks and re-timed traffic signals at the intersection.

“It just feels like there’s so many young children in this neighborhood that there should be improvements made to the way that the traffic flows around here,” said Aanisha Jain, a San Francisco resident.

 

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