Federal Reserve (Fed) Bank of San Francisco President Mary Daly participated in a moderated discussion at the Forum Club of the Palm Beaches in Florida on Monday, during which she remarked that she supported the rate cut and that the labor market has softened quite a bit.

Key comments

Supported rate cut.

Rate cut was appropriate.

Still have inflation above target, need to get it down.

Labor market has softened quite a bit.

Need to keep policy modestly restrictive.

Open mind on December.

50 bps of cuts this year makes Fed better-positioned.

Need to make decision that balances risks.

Not a more divided fed than before.

Wouldn't even use the word 'divided'. Disagreement is usually what you see when world is uncertain.

Everyone should want the FOMC to debate and disagree.”