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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


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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).

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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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San Francisco, CA

Santa Rosa: The 1906 earthquake almost lost to history

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Santa Rosa: The 1906 earthquake almost lost to history


While the Great 1906 Earthquake was a centerpiece of news around the world when its massive damage and fire destroyed much of San Francisco and took 3,000 lives, another far smaller, far less famous town, suffered massive damage almost forgotten by history.

Nearly forgotten

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On this day 120 years ago, stunned people were digging for survivors two nights after the quake. Like a demon in the night, the Great 1906 Earthquake also came to Santa Rosa also bent on mass death and destruction.

Eric Stanley is the history curator and deputy director of the Museum of Sonoma County in Santa Rosa that supplied these pictures. “Santa Rosa, in particular, was devastated by the 1906 earthquake,” he said.

Survivors were shaken awake as whole buildings collapsed around them or on them. “A good portion, a really significant portion, of downtown Santa Rosa was completely destroyed,” said Stanley.

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Many never woke up; crushed to death in their sleep. There were over a hundred people killed in the 1906 earthquake in Santa Rosa that only had 7,000 people in it at the time,” said the curator.

Active fault line 

Sixty-three years later, in 1969, a time of budding, but far better science-based building codes, a double shaker nonetheless did significant damage and killed one person. “Even understanding all those things, you kind of at the earlier stage of that in the sixties,” said Stanley.

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Today, four of Santa Rosa’s School buildings lie near or on the Rodgers Creek Earthquake Fault, capable of up to a 7.3 magnitude rupture. One is already closed with another due to close at the end of the school year for budgetary reasons.

That leaves two elementary schools, Hidden Valley, alongside the fault and Proctor, on the fault. The school board says both are seismically sound and safe to continue operating. “The two that are remaining open are both the ones that have the potential and the ability to grow because the entire site is not impacted by the fault line,” said Nick Caston, Santa Rosa City School Board president.

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Staying prepared 

In other words, things can and will eventually be moved around. 

“What we’re gonna end up having to do is redesign the campus over the next several decades to have our fields and our parking in the front, which are totally acceptable to be over a fault line and actually move our academic builds and our student-serving buildings to the back,” said Caston.

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Ultimately, the pictures and relics museums hold from natural disasters are given to those who come, a lesson and a warning. “Real people went through these experiences and we really do have to be aware of that and do our very best to prepare for those kinds of things,” said Stanley.

The 1933 Field Act requires earthquake-safe construction of schools, with evolving seismic codes as we learn more.

 

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Natural DisastersSanta RosaSonoma CountyNorth BayEarthquakesNews



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Sea lion pup found in San Francisco’s Outer Sunset malnourished but ‘feisty’

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Sea lion pup found in San Francisco’s Outer Sunset malnourished but ‘feisty’


A California sea lion pup found last week on a San Francisco street corner is malnourished but “active and quite feisty,” The Marine Mammal Center said Monday.

The sea lion, believed to be about 10 months old, had apparently wandered into city’s Outer Sunset neighborhood and was discovered early Thursday morning, authorities said.

The pup was spotted near 48th and Irving Streets, one block from Ocean Beach and Sunset Dunes park. A trained responder from the Marine Mammal Center was joined by San Francisco park rangers and police officers to safely corral the pup, now named ‘Irving’, into a carrier crate.

Dubbed ‘Irving’ by his rescuers, Irving weighed in at 40 pounds and is considered malnourished, the Marine Mammal Center said.

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“The sea lion is active and quite feisty which is a positive initial sign in terms of general behavior,” the center said in a news release on Monday.

During an exam by veterinarians, a series of blood samples were also taken to determine whether there’s any underlying ailment.

Irving is being tube fed a fish smoothie blend two times per day to boost hydration and weight; offers of whole herring will also begin shortly.

The quick actions by police, recreation and parks staff and Ocean Avenue Animal Hospital gave the young sea lion a second chance at life, said Lauren Campbell, animal husbandry manager at The Marine Mammal Center.

“As a roughly 10-month-old pup in his first year of learning how to forage on his own, this animal has a long road to recovery due to his severe malnutrition,” Campbell said. “We are hopeful that in the coming weeks with continued specialized care that this pup starts to make positive strides toward recovery and release.”

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Irving will be held in the Center’s Intensive Quarantine Unit until clearing medical protocols, before likely being transferred this week to a traditional rehabilitation pool pen. A long-term prognosis and potential release timeline are not currently known.



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Giants Head Home to San Francisco After Shutout Loss

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Giants Head Home to San Francisco After Shutout Loss


After Sunday’s 3-0 loss to the Washington Nationals, the San Francisco Giants headed back to the West Coast. They’re going back to the Bay Area, too.

The Giants have a date with the Los Angeles Dodgers for a three-game series at Oracle Park starting Tuesday night.

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So, San Francisco probably wanted to get out of Washington, D.C., with a win. That didn’t happen at Nationals Park on Sunday afternoon.

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Nationals reliever Andrew Alvarez, the third pitcher used by the team on Sunday, picked up the victory with 4 1/3 innings of work. Giants starter Robbie Ray absorbed the loss, falling to 2-3 this season.

Ray worked six innings, giving up seven hits, three runs (all earned), walking one, and striking out seven Nationals. If the Giants’ offense had found a way to tack on some runs, then Ray’s outing wouldn’t have looked so bad.

The Giants’ bats, though, had eight hits. The big number for Giants manager Tony Vitello to look at in the box score after this one was, well, pretty big. San Francisco left 10 runners on base on Sunday, going 0-for-11 with runners in scoring position. This indicates that San Francisco had plenty of opportunities to score some runs.

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They just didn’t get the job done.

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Let’s go to the bottom of the fifth with the Giants and Nationals in a scoreless tie. With nobody out, the Nationals’ Keibert Ruiz connected for his third double this season. Nasim Nuñez scored to put Washington up 1-0.

With one out, Curtis Mead sent a Ray pitch over the left-field wall, a two-run blast that gave the Nationals a 3-0 lead.

San Francisco had a scoring threat in the top of the eighth inning. With runners at first and second base and nobody out, Casey Schmitt grounded into a double play. Matt Chapman, who was on second base, went to third. But the Giants were unable to bring him home.

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Rafael Devers and Drew Gilbert went 2-for-4 at the plate for the Giants, producing half of the Giants’ hits.

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The Giants fall to 9-13 this season, sitting in fourth place in the National League West Division. The Nationals’ record goes to 10-12, good enough for third place in the National League East Division.

All eyes now turn toward Oracle on Tuesday night. It’ll be a chance for two longtime rivals to renew their rivalry.

Baseball fans know that the Giants-Dodgers matchups usually are must-see TV.

That’s probably going to be the case once again as Giants fans watch their team battle the Dodgers. Those lucky to have tickets to the three-game series at Oracle Park will show up in Giants colors, hoping to see Los Angeles head back to Southern California with either a series loss or a Giants’ sweep.

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Buckle up, Giants fans. It’s about to get rowdy at Oracle Park.

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