Mary Daly, president of the San Francisco Fed, said the Federal Reserve should tighten monetary policy further, with a possible increase in interest rates. The current policy rate stands between 3.75% and 4.00%, while annual consumer price inflation reached 3.7% in September, above the Fed’s target. Markets now assign a 76% probability to another rate hike in 2026, up from 65% the previous day. Upcoming inflation reports, labor market data and comments from members of the Federal Open Market Committee (FOMC), particularly ahead of the December meeting, will be closely watched.
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