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
Driver Who Raped Woman After She Mistook His Car For An Uber Convicted By Bay Area Jury
SAN FRANCISCO, CA — A man who raped a woman in San Francisco after she got into his car, thinking it was her Uber, has been convicted, prosecutors said.
Jurors convicted Yucel Eryilmaz, 44, of rape of an unconscious person and assault with intent to commit rape, according to the San Francisco District Attorney’s Office.
Prosecutors say a woman and her sister were leaving a club in San Francisco’s Mission District on Oct. 18, 2025, when they accidentally got into Eryilmaz’s car, thinking it was their Uber.
The woman sat in the front seat while her sister sat in the back, where she fell asleep, prosecutors said.
Eryilmaz started driving the women to their destination before he tried to kiss the woman in the front seat, prosecutors said.
The woman refused to kiss him, and when they arrived at the destination, she got out of the car, prosecutors said.
Before she could wake her sleeping sister, Eryilmaz drove off and took her to a parking lot in his apartment complex where he raped her, prosecutors said.
“Video footage shows Mr. Eryilmaz pulling into the parking lot next to his apartment building, exiting the driver’s side door, going to the back of the car, sitting down and locking the door,” prosecutors said. “Three hours later, the victim woke up in the back seat of Mr. Eryilmaz scared and confused, with Mr. Eryilmaz on top of her in the process of a rape.”
Eventually, she was able to free herself from Eryilmaz’s grasp, prosecutors said. She spent about 10 minutes on Eryilmaz’s apartment roof with him and he let her use his phone to call her sister, prosecutors said.
She learned police were looking for her and ran away from Eryilmaz to call for help, prosecutors said.
“I commend the victim for her bravery, authenticity and vulnerability while she relived these terrifying events during her testimony,” Assistant District Attorney Abigail Adams said in a statement. “She showed everyone in the courtroom that there is no ‘correct’ response to rape because trauma affects people differently. I hope the victim finds the closure and healing she needs as she attempts to put this horrific incident behind her.”
San Francisco, CA
First Thursdays kicks off Pride Month in San Francisco
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San Francisco, CA
Hilton campaigns in San Francisco as California primary votes still being counted
SAN FRANCISCO – Even as votes continue to be counted in California’s gubernatorial primary, one candidate spent part of Wednesday campaigning in the Bay Area.
Hilton looks ahead to November
Some were surprised to see Republican gubernatorial candidate Steve Hilton in San Francisco. With the primary election behind him, Hilton visited Osmanthus Dim Sum Lounge to meet with voters and begin laying the groundwork for a potential fall campaign.
Hilton acknowledged that ballots are still being counted and criticized the pace of the process, saying results should be available more quickly. Still, he expressed confidence that he will finish among the top two candidates and advance to the November election.
“This is my plan to grow my support,” Hilton said, gesturing to supporters gathered inside the restaurant. “To be out with the people of California desperate for change.”
Former Health and Human Services Secretary Xavier Becerra, another leading candidate, also projected confidence on election night.
“I take nothing for granted. There are lots of ballots to be counted; it appears we are on track to advance to November,” Becerra said.
Voters voice concerns
What they’re saying:
Among those attending Hilton’s event was Nelson Lum, a former San Francisco police officer who said he wanted to hear the candidate’s views on crime.
“It’s not an endorsement of anybody at this point,” Lum said. “I’m certainly not going to exclude anyone because I want to hear their views.”
Meina Young, with the Business and Housing Network, said she attended to discuss issues she sees as burdensome regulations in the rental housing market.
“I want to make our voices heard, and I feel that Steve has been very good,” Young said. “This is our second time meeting with him.”
Small protest outside event
Outside the restaurant, a small group of protesters gathered after noticing signage for the event. They said they are concerned San Francisco is becoming more welcoming to Republican candidates.
“We’re here today because we know San Francisco is a Democratic, progressive city,” said Romalyn Schmaltz. “We’re not going to just let a Republican come here and fundraise in our neighborhood without saying something.”
Counting continues
What’s next:
Ballots are still being counted statewide. More than 23 million ballots were mailed to California’s registered voters for the primary election.
The extended counting process often fuels accusations of irregularities. Election officials and supporters of the system, however, say the process takes time to ensure every eligible ballot is counted accurately.
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