Latest news with #Daly
Yahoo
17 hours ago
- Business
- Yahoo
Fed's Daly says inflation her main focus right now
By Ann Saphir OAKLAND, California (Reuters) -U.S. Federal Reserve policymakers could still cut interest rates twice this year as they projected in March, San Francisco Fed President Mary Daly said on Thursday, but for now rates should remain steady to make sure inflation is on track to reach the central bank's 2% goal. "As long as inflation is printing above target and there's some uncertainty about how quickly it can come back down to 2%, well, then inflation is going to be my focus because the labor market's in solid shape," Daly said in an interview with Reuters after an appearance at the Oakland Rotary Club. "We need to have policy in this modestly or moderately restrictive space, depending on how you think about it, to continue to bring ourselves to price stability." The Fed earlier this month kept short-term borrowing costs in the 4.25%-4.5% range where they've been since December. Daly said the decision was an "active" choice as the central bank evaluates the economic impact of the Trump administration trade and other policies -- like a driver holding the wheel steady rather than steering to the left or the right. Fed policymakers generally feel that Trump's aggressive tariffs risk increasing unemployment, which at 4.2% is comparatively low, and pushing up on inflation, which by the Fed's targeted measure is at 2.3%. Overall, Daly said, the economy is in solid shape for now. "I'm looking for any signs that the labor market is weakening. I haven't seen them, but let's continue to look," Daly said. "And I'm also looking for signs about inflation either continuing to gradually come down -- that would be welcome news -- or having any pressure to move either back up or stay sticky." As part of that effort she is crisscrossing the Western states for clues on how businesses and communities are faring. After her appearance in Oakland, Daly was headed to catch a plane to southern California where she was due to speak at another event on Friday. "I spend a lot of time counting cranes in cities," she said. "And when I count the cranes, there's certainly more than zero. And there's, in many cities, especially in the Intermountain region, there are more than there were last not stalled out." At the same time, she said, businesses are taking fewer risks - opening five stores, for instance, instead of 10. All that -- along with economic data showing a slowing but not cratering economy and a continued easing of inflation -- shows the Fed is not in the difficult position of having to choose between fighting inflation and bolstering the economy, and feeds into her sense that the Fed could cut rates later this year. "In that world, a couple of rate cuts, like the (Fed projections) said, would make some sense, right? But the distribution of risks around that is pretty large," Daly said. Fed policy is well-positioned to respond to those risks and the central bank is agile, she added. A U.S. trade court ruling on Wednesday that blocked many of Trump's tariffs, followed on Thursday by an appeals court reversal, underscored the uncertainty over trade policy that is keeping many businesses -- and the Fed -- on edge. Clarity might come with time, Daly said. "I don't want to make policy decisions based on speculation, either speculation that inflation will rise or speculation that it will never fall," she said. "I think the (projection) in March is a reasonable projection, but ... we're in May, right? So many things can happen."
Yahoo
17 hours ago
- Business
- Yahoo
Fed's Daly says inflation her main focus right now
By Ann Saphir OAKLAND, California (Reuters) -U.S. Federal Reserve policymakers could still cut interest rates twice this year as they projected in March, San Francisco Fed President Mary Daly said on Thursday, but for now rates should remain steady to make sure inflation is on track to reach the central bank's 2% goal. "As long as inflation is printing above target and there's some uncertainty about how quickly it can come back down to 2%, well, then inflation is going to be my focus because the labor market's in solid shape," Daly said in an interview with Reuters after an appearance at the Oakland Rotary Club. "We need to have policy in this modestly or moderately restrictive space, depending on how you think about it, to continue to bring ourselves to price stability." The Fed earlier this month kept short-term borrowing costs in the 4.25%-4.5% range where they've been since December. Daly said the decision was an "active" choice as the central bank evaluates the economic impact of the Trump administration trade and other policies -- like a driver holding the wheel steady rather than steering to the left or the right. Fed policymakers generally feel that Trump's aggressive tariffs risk increasing unemployment, which at 4.2% is comparatively low, and pushing up on inflation, which by the Fed's targeted measure is at 2.3%. Overall, Daly said, the economy is in solid shape for now. "I'm looking for any signs that the labor market is weakening. I haven't seen them, but let's continue to look," Daly said. "And I'm also looking for signs about inflation either continuing to gradually come down -- that would be welcome news -- or having any pressure to move either back up or stay sticky." As part of that effort she is crisscrossing the Western states for clues on how businesses and communities are faring. After her appearance in Oakland, Daly was headed to catch a plane to southern California where she was due to speak at another event on Friday. "I spend a lot of time counting cranes in cities," she said. "And when I count the cranes, there's certainly more than zero. And there's, in many cities, especially in the Intermountain region, there are more than there were last not stalled out." At the same time, she said, businesses are taking fewer risks - opening five stores, for instance, instead of 10. All that -- along with economic data showing a slowing but not cratering economy and a continued easing of inflation -- shows the Fed is not in the difficult position of having to choose between fighting inflation and bolstering the economy, and feeds into her sense that the Fed could cut rates later this year. "In that world, a couple of rate cuts, like the (Fed projections) said, would make some sense, right? But the distribution of risks around that is pretty large," Daly said. Fed policy is well-positioned to respond to those risks and the central bank is agile, she added. A U.S. trade court ruling on Wednesday that blocked many of Trump's tariffs, followed on Thursday by an appeals court reversal, underscored the uncertainty over trade policy that is keeping many businesses -- and the Fed -- on edge. Clarity might come with time, Daly said. "I don't want to make policy decisions based on speculation, either speculation that inflation will rise or speculation that it will never fall," she said. "I think the (projection) in March is a reasonable projection, but ... we're in May, right? So many things can happen." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 hours ago
- Business
- Yahoo
Fed's Daly Says Policy in a ‘Good Place,' Can Be Patient
(Bloomberg) — Federal Reserve Bank of San Francisco President Mary Daly said monetary policy is in a 'good place' to continue to bring inflation down. NYC Congestion Toll Brings In $216 Million in First Four Months Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NY Wins Order Against US Funding Freeze in Congestion Fight The Economic Benefits of Paying Workers to Move NY Congestion Pricing Is Likely to Stay Until Year End During Court Case Daly said she doesn't necessarily expect inflation to reach the central bank's 2% goal this year, but she emphasized officials are making progress. She expects inflation will continue to decline over time as the labor market slows but remains solid. Fed policymakers have held interest rates steady so far this year. Officials have said a still-solid economy offers them room to wait for further clarity on a variety of government policy changes, notably tariffs, and their impact on the economy. 'The net net is businesses are still waiting to see, and as they wait to see, we wait to see, because we have policy in a good place for the economy we have,' Daly said in a moderated conversation in Oakland, California. 'We have plenty of opportunity then in time to make decisions as the economy evolves.' Daly said the labor market is in 'solid shape.' She noted it may take workers a little longer to find a job, but that is the balance needed to ensure a sustainable job market that is consistent with 2% inflation. Economists largely see President Donald Trump's widespread tariffs adding to inflation and weighing on economic growth. The administration's chaotic roll out of a range of levies has also made it challenging for businesses to make decisions on hiring and investment. Much remains uncertain. The US Court of International Trade introduced even more uncertainty with a ruling Wednesday that blocked sweeping parts of Trump's tariffs. The administration appealed, and on Thursday a federal appeals court temporarily paused that ruling while it weighs a longer lasting stay sought by the government. Political Pressure When asked about Trump's pressure on the Fed to lower interest rates, Daly said it's not the first time an administration has asked the US central bank to move in a way the president prefers. She said that's 'part of the job' and emphasized the Fed will do what's right to achieve its congressionally mandated goals of price stability and full employment. Earlier Thursday, Trump and Fed Chair Jerome Powell met in the White House for their first in-person meeting since the president's inauguration. The president told Powell that he believes the Fed chair is making a mistake by not lowering rates, White House Press Secretary Karoline Leavitt said. Powell told the president Fed officials will make decisions based solely on 'careful, objective, and non-political analysis,' the central bank said in a statement. —With assistance from María Paula Mijares Torres. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P.
Irish Examiner
2 days ago
- Sport
- Irish Examiner
Callum Daly revels in putting defence first as Tyrone look to retain U20 All-Ireland crown against Louth
Callum Daly's intuitive understanding and immaculate implementation of the sweeper role is one of many obstacles that Louth will have to contend with if they're to dethrone All-Ireland U20 champions Tyrone in Wednesday's decider. The Omagh man's reading of the game has been a key factor in the Red Hands' progression to another decider and a shot at taking a third title in four years. It was a defensive shut-out that sealed the semi-final victory over Kerry, the collective effort held together by the coolest, calmest man on the pitch. 'I've been playing this role for a few years now, and I suppose I've had a wee bit of success there, which is good. It's just really about protecting the house,' said Daly. 'We always say if we don't concede goals, then we'll win the match, so that's just the main aim. 'You're obviously playing against top players all across the country, and that really improves me as a player.' A defensive unit worked in perfect tandem at Portlaoise, where the holders closed down the Kingdom attack to carve out a 2-14 to 0-14 win. 'We did work on that, we've seen that from the start, from the analysis. And we had it sussed out, and to be fair to Ben Hughes, he did a real good job on Tomas Kennedey, who's obviously a very dangerous player. 'They play a very nice brand of football, but we just knew if we could match their workrate, then our quality would come through, because our forwards and our defenders have just been unbelievable all year. 'And we just knew if we could get that right, then we'd win the match.' Daly has displayed maturity beyond his years in perfecting the role he first took on a couple of years ago as captain of the Omagh CBS MacRory and Hogan Cup winning team. His instinctive approach to the game may be a natural gift, but outside influences have played a part in his development, and it's no coincidence that this rising star's traits bear striking similarities to those of senior defender Rory Brennan. 'Rory would probably be one that I would look up to. I think his reading of the game is exceptional. 'So I just try and mimic stuff that he does, you know, and learn off him.' U20 manager Paul Devlin and his coaching team have mentored many young Tyrone footballers over the past seven years, shaping their future in the game and providing a pathway to a senior career, a route that Daly and a clutch of his team-mats look set to follow. 'It's just testament to the coaching that I have had and the players that I play with, all unbelievable. We work hard at it, and it's just nice that it pays off.' Daly already owns one All-Ireland U20 medal, and he wants to go back-to-back with victory over Louth at the Box-It Athletic Grounds on Wednesday. 'You don't want to come all this way and come second place, you know. So we've got a big few days ahead to prepare for this final.'
Yahoo
3 days ago
- Health
- Yahoo
How did this shark swim a record-breaking 4,000 miles—a journey once thought impossible
When Turawa Hakeem caught a bull shark near Lagos, Nigeria last summer, the Ghanaian captain had no idea his crew was reeling a record winner onto his wooden fishing boat. The eight-foot-long female had made an epic journey of at least 4,500 miles, the longest known movement of its species and the first time a bull shark was documented swimming through two oceans. The shark traveled from the Mozambique Channel in the Indian Ocean, swam around the southern tip of Africa, and then voyaged north through the Atlantic to Nigeria, according to research published this month in Ecology. 'Wow, I was surprised,' says Hakeem. 'I didn't know they could travel that far.' When his crew began butchering the shark to sell its meat at a local market, Hakeem found a black finger-length cylinder inside its body that read: 'Research: Reward if returned.' Curious, Hakeem emailed the address. He reached Ryan Daly, the paper's lead author and a shark ecologist at the Oceanographic Research Institute, a marine science and service facility that leads research projects in the western Indian Ocean. He implanted the acoustic transmitter in the bull shark in South Africa in 2021. Daly was equally shocked—and very skeptical at first. 'I thought it might be a scam,' Daly admits. 'The chances of this happening are like one in a million.' This lucky catch is providing new insights into how bull sharks move and shows how climate change may break down the environmental barriers that historically limited the migration of certain ocean animals. Another study author and marine biologist at the Nigerian Institute for Oceanography and Marine Research, Dunsin Abimbola Bolaji, confirmed Hakeem's story. In the year after she was tagged, the female bull shark was detected 567 times along the east coasts of South Africa and Mozambique by an array of 43 different underwater receivers. Then she disappeared on March 25, 2022 and wasn't seen again until Hakeem's crew caught the shark on July 11 last year. As part of their shark migration research, Daly and his colleagues also tagged and tracked 102 bull, blacktip, tiger and reef sharks in southern Africa. The longest recorded migration among these sharks was 1,400 miles, just one-third the distance traveled by the female bull shark that ended up near Lagos. Bull sharks are coastal species, not known for long-distance travel in the open ocean. They prefer shallow waters where freshwater meets the sea and need water temperature warmer than 65°F. During her voyage north, the female bull shark had to navigate the Benguela upwelling, one of the world's largest cold-water currents that extends along the west coasts of South Africa and Namibia. This upwelling has formed a cold barrier separating Africa's bull shark populations for at least the past 55,000 years. Scientists think this bull shark bypassed the cold water by swimming out around the upwelling, which can extend up to 90 miles offshore. It's also possible she rode pockets of warmer water around South Africa into the Atlantic Ocean during a Benguela Niño event. This climate pattern is similar to the El Niño events that influence sea temperatures off the west coast of the Americas. Certain cold-water fish, like mackerel and sardines, have also been pushed north during Benguela Niño events. As waters warm and upwellings shift due to climate change, Daly says the Benguela's cold water barrier may break down more often, allowing ocean animals to move to different latitudes. These Niño-related water temperature changes can change the entire species makeup of certain marine areas, impacting everything in the food web from algae to plankton to sharks. For bull sharks, however, more movement is likely a positive sign. 'If it means more gene flow, then typically that's a good thing,' Daly points out. 'We need to adapt to survive in a changing world.' Daly thinks that perhaps she was an immature shark who was 'just exploring'. Females don't reach sexual maturity until they are around 20 years old. Then they repeatedly return to the same estuary to reproduce. Until then, however, they may head out to 'find their groove and the pattern that works for them,' Daly says. It's possible that this female's extraordinary journey 'might not be unusual at all', says Rachel Graham, a shark biologist who was not involved in this study and executive director of MarAlliance, a conservation nonprofit based off the west coast of Africa. Bull sharks may have always traveled farther than scientists realized, or perhaps this female was the 'the black sheep in the family, the one who does something completely and utterly different to keep our gene pool robust,' Graham suggests. Despite her long journey, this female won't pass on her genetics after befalling a common shark fate. Globally, sharks' numbers have been halved since 1970. Overfishing drives 90 percent of the decline in sharks—but three-quarters of the estimated 100 million sharks that are caught each year are killed accidentally. As stocks of other fish plummet globally, more people are turning to shark meat for protein—especially in countries in sub-Saharan Africa like Nigeria where people depend on fishing for their livelihoods. 'It had a one-way ticket there because fishery pressure is so extreme,' Daly says. 'Sharks are running the gauntlet. In every country, they're facing different types of threats on top of climate change.' Hakeem says his crew didn't hook the tagged female bull shark on purpose. She took the bait meant for more lucrative grouper and snapper. To ensure sharks—including future record breakers—survive, Graham says that scientists need to rely more on fishers like Hakeem to track sharks and to learn whether other marine species are making transoceanic journeys. 'Small-scale fishers are our allies in science,' Graham says. 'They have PhDs of the sea.' These sorts of novel partnerships may help scientists better understand how and where marine species are moving into new habitats. Warming water may allow tropical species to expand their range polewards, which can relieve fishing pressure or allow them to spread to new homes. But simultaneously, climate change is also creating more intense cold events in their historic ranges, such as an extreme upwelling along the southeast coast of South Africa that killed individuals from 81 species in 2021, including sharks. 'It's kind of like this bait and switch,' Daly says. 'It gets warmer but then these intense upwelling events increase, so they might get trapped down there, at the end of their range for a tropical species and then die off.'
