Federal Reserve Bank of San Francisco President Mary Daly participated in a 'fireside chat' at a conference early Friday, noting that she is looking for more confidence that inflation is moving back to the Fed's 2% target before calling for an interest rate cut.

Key quotes

Recent data has been really good.

Economy is not there yet on inflation.

Labor market is coming back into balance.

Risks on both side for monetary policy choices.

Fed remains data dependant for monetary policy.

Preemptive or urgent policy actions risk making mistakes.

We are not at price stability yet.