This comment is surprising as it validates fears of a Fed pause. The market is pricing in 45 bps in cuts this year so the two cuts are nearly priced in.

Daly is a dove and can be a mouthpiece for Powell. I’d take this as hawkish.

More:

• “Las Vegas is a very good bellwether for where consumer spending is,” and if it slows, that’s something to pay attention to.

This article was written by Adam Button at www.forexlive.com.