Fed's Daly says rate cuts should be gradual

San Francisco Federal Reserve President Mary Daly said that while she is still comfortable with a couple of interest rate cuts this year, rising risks of inflation mean the central bank may need to do less, especially given that uncertainty over President 's trade policy has so far done little to disrupt still-solid US economic growth.

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"Continuing to gradually reduce the policy rate with no urgency to react fast is the right thing to do," she said at an event held by the University of California, Berkeley's Fisher centre for Real Estate & Urban Economics. "Ultimately, we made a single promise to the American people - I think you all remember what it was - we are going to restore price stability. That is the critical foundation of all other th