Federal Reserve Bank of San Francisco President Mary Daly is calling for a December interest-rate cut on the view that a steeper slowdown in the labor market is both more likely and harder to manage than an inflation breakout, according to a Monday media report. "On the labor market, I don't feel as confident we can get ahead of it," Daly told the Wall Street Journal in an interview. "It's vulnerable enough now that the risk is it'll have a nonlinear change." Meanwhile, the risk of inflation reaccelerating is a lower risk, Daly added, pointing to softer-than-expected tariff cost gains this year. Inflation still ... (full story)