San Francisco, CA
San Francisco Fed president Mary Daly: We want to finish the inflation fight
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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).
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.
“So we are resolute to get that job done and that will mean restricted policy through the year [in 2025] in all likelihood.”
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.
San Francisco, CA
Yes, an $8 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.
San Francisco, CA
Iran conflict disrupts flights out of SFO
San Francisco, CA
Hundreds Rally in San Francisco Against U.S.-Israel Strikes on Iran | KQED
She acknowledged that Iranian Americans hold a range of political views, including some who support U.S. intervention, but said she believes the future of Iran should be determined by its people.
“The Iranian people in Iran can decide the future of their country,” she said. “War, I don’t think, is going to help.”
Speaking to the crowd, Mortazavi challenged what she described as a narrative that Iranians broadly support U.S. and Israeli military action.
“They want you to believe that every Iranian … is cheering on the United States and Israel,” she said. “That is unequivocally false.”
She urged attendees to continue organizing beyond the rally and announced plans for additional demonstrations.
Dina Saadeh, an organizer with the Palestinian Youth Movement, said multiple groups mobilized quickly in response to the strikes.
“I’m angered today,” Saadeh told KQED. “People here don’t want to see our country engaged in more endless war.”
Saadeh described the protest as part of a broader effort to oppose sanctions, military escalation and what she called U.S. imperialism. She said participants were calling on elected officials to redirect public funds toward domestic needs.
“People want money for jobs and education, not for war and occupation,” she said.
KQED’s María Fernanda Bernal contributed to this story.
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