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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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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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Yes, an $8 Burger Exists in Downtown San Francisco

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Yes, an  Burger Exists in Downtown San Francisco


Sometimes life requires an easy hang, without the need for reservations and dressing up, and preferably with food that’s easy to rally folks behind. The newish Hamburguesa Bar is just such a place, opening in December 2025 and serving a tight food menu of smash and tavern burgers (made with beef ground in-house), along with hand-cut duck fat fries, poutine, and Caesar salad. The best part? Nothing here costs more than $20. Seriously, this spot has so much going for it, including solid cocktails and boozy shakes. It’s become a homing beacon for post-work hangs, judging by a recent weekday crowd.

Hamburguesa Bar’s drinks are the epitome of unfussy: Cocktail standards, four beers on tap, two choices of wine (red or white), boozy and non-boozy shakes, plus 21 beers by the can or bottle. Standards on the cocktail menu are just that, a list of drinks you’ve heard before — such as an Old Fashioned, daiquiri, gin or vodka martini, or Harvey Wallbanger — with no special tinctures or fat-washed liquors to speak of (that we know of, at least). I’m typically split on whether boozy shakes are ever worth it, but the Fruity Pebbles option ($14) makes a convincing case, mixed with a just-right amount of vodka and some cereal bits. (I’ll leave the more adventurous Cinnamon Toast shake made with Fireball to others with more positive experiences with that liquor.)

Downtown and SoMa has a reputation for restaurants closing early, but Hamburguesa Bar keeps later hours, closing at midnight from Monday through Saturday (closed Sundays). It’s also open for lunch at noon during those days, with the exception of Saturdays when it opens at 5 p.m.



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Iran conflict disrupts flights out of SFO

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Iran conflict disrupts flights out of SFO


SAN FRANCISCO (KRON) — Attacks on Iran by U.S. and Israeli forces have disrupted air travel across the Middle East, leading to thousands of flight cancellations and delays worldwide. The instability has reached the Bay Area, where international flights at San Francisco International Airport have been canceled or grounded. The travel disruptions followed retaliatory strikes […]



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