(Bloomberg) -- Three Federal Reserve interest-rate cuts is a “reasonable baseline” expectation for this year, San Francisco Fed President Mary Daly said.Most Read from BloombergAlexey Navalny, Jailed Activist Who Defied Putin, Dies at 47Bond Yields Climb as PPI Curbs Dovish Fed Wagers: Markets WrapHawaii Rightly Rejects Supreme Court’s Gun NonsenseApple Readies AI Tool to Rival Microsoft’s GitHub CopilotBiden Blames Putin for Navalny’s Death as Western Outrage Grows“I think that’s a reasonable b
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"We will need to resist the temptation to act quickly when patience is needed and be prepared to respond agilely as the economy evolves," Daly said in remarks prepared for delivery to the National Association for Business Economics. Inflation declined rapidly last year, from 5.5% in January to 2.6% in December by the Fed's targeted measure of the personal consumption expenditures price index. Unemployment, meanwhile, was 3.7% last month, up just three tenths of a percentage point from the start of the year.
