Federal Reserve President Mary Daly signals further interest rate increases

Federal Reserve Bank of San Francisco President Mary Daly stated that the central bank will likely need to raise interest rates further. MPA Magazine and Mortgage Professional America reported on November 9, 2026, that Daly warned American workers remain trapped in a treadmill of high inflation as wages fail to keep pace with price increases. [1][2]

Daly made her remarks in a live interview with CNBC following the latest labor market data release. The Bureau of Labor Statistics reported that the United States economy added 165,000 jobs in October 2026, which nearly tripled the Dow Jones consensus estimate. The national unemployment rate edged to 4.1 percent during the month. [1]

Daly became the 13th president and chief executive officer of the Federal Reserve Bank of San Francisco on October 1, 2018. She joined the regional reserve bank as an economist in 1996 and previously served as its executive vice president and director of research. Daly serves on the rate-setting Federal Open Market Committee on a rotating basis. [3]

Her comments align with hawkish signals from other central bank officials. As FTMQ Real Estate reported earlier, Federal Reserve Governor Christopher Waller previously stated that additional interest rate increases beyond September would be required to bring inflation back down to the official two percent long-term target. [4]