Comments from the San Francisco Fed President:

  • Fed has yet to achieve inflation goals
  • Jobs growth strong
  • Consumer spending healthy
  • Headwinds including trade uncertainty, slower growth have 'started to gust'
  • Two cuts this year should help sustain the expansion despite headwinds

She doesn't sound too eager to gut again but the SF Fed doesn't have a vote until 2021.

Daly is a dove and the tone of the comments makes me worry that the FOMC isn't planning to cut this month and that the 70% priced into markets is far too aggressive.