"Federal Reserve Officials Advocate Patience on Interest Rate Cuts"
Kansas City Fed president Jeff Schmid and San Francisco Fed President Mary Daly both urge patience before any interest rate cuts, citing the resilience of the US economy and inflation running above the Fed’s 2% target. Schmid prefers to hold rates steady until there is "convincing" evidence that inflation is dropping, while Daly sees no urgency to adjust the policy rate and emphasizes the need to be fully confident that inflation is on track to come down to 2% before considering a rate cut. Other Fed officials still believe inflation is on course to drop and expect to begin cutting rates later this year, with traders now eyeing September as the first rate cut.