Daly: Hard to say if further rate cuts will come now, later this year, or when

Good afternoon. Thank you, Spence, for that kind introduction. It’s wonderful to be here today. I am honored to be speaking with a wide array of audiences—the participants of the 35th Annual Spencer Fox Eccles Convocation, members of the Utah Chapter of the National Association of Corporate Directors, and members of the broader Salt Lake community. Thank you so much for having me. I last visited Utah back in April. The new Administration had begun to provide early details of its policy initiatives, and businesses, households, and communities were working hard to understand their impacts. Uncertainty was a common refrain. Worries about paralysis, stagnation, even recession dominated the news. The national conversation had shifted from confidence to concern.1 Then I landed in Salt Lake. Driving through town, I saw activity. Lots of it. Full parking lots, busy retail outlets, and, most notably, construction cranes. Cranes tell us a lot. It’s expensive to put up cranes and to keep them working. Businesses only do it when they see promise in the future. Active cranes, and more being assembled, meant that people were adapting, planning, and continuing to move forward. The world had changed, uncertainty had risen, but it did not mean stasis—at least not here in Utah. That dynamic, the ability to move forward even when things are evolving, is the topic of my remarks today. How to steadily keep moving in the face of change. But before I go further, I want t FED'S DALY: FURTHER POLICY ADJUSTMENTS LIKELY WILL BE NEEDED AS FED WORKS TO RESTORE PRICE STABILITY, PROVIDE NEEDED SUPPORT TO LABOR MARKET FULLY SUPPORTED FED'S QUARTER-POINT RATE CUT LAST WEEK RISKS TO THE ECONOMY HAD SHIFTED, IT WAS TIME TO ACT FED'S RATE-PATH…