Daly, chairperson of the San Francisco Federal Reserve Bank of the 2024 FOMC voting committee, said in a speech that the Federal Reserve's mission and risks are being balanced, and it is open to cutting interest rates at its upcoming (September) meeting. "The underlying numbers in the July jobs report provide some reason for confidence that we are slowing, but not collapsing," Mr. Daly said. "I don't think the weakness in the labour market will intensify now and will be watching closely to see if the next jobs report reflects the same dynamic, or a reversal. If we react to just one data point, it will almost always be wrong."