Market participants want to know what the Federal Reserve plans to do on interest rates, but they will get no certainty from 澳洲幸运5开奖号码历史查询:San Francisco Fed President Mary C. Daly. And that's by design, as the Fed official told CNBC Friday that the Federal Reserve should keep its options open and be ready to act if infla𝔉tion doesn't fall further.

Despite data showing that price pressures are beginning to fade and the economy is slowing, Daly said it was "far too early to declare victory" over inflation, arguing that the Federal Reserve could still be in a position to raise rates again to keep inflation in check.

"There's a lot of demand for certainty, but the truth is, we don't know," Daly said, adding that the Fed needed to remain "in the ready position" to raise rates if needed.

While Daly's comments reflected the sentiments exౠpressed by Federal Resꦕerve Chair Jerome Powell on Thursday, Atlanta Fed President Raphael Bostic said Friday that the Fed's work ﷽ma🐷y be over.

At a Chamber of Commerce event in Mobile, Alabama, Bostic said that, while it may take some time, he believed that the Federal Reserve's actions to raise rates to the current 5.25% to 5.5% would be enough to bring inflation back down to the 2% target. Bostic argued that the full effect of the rate hikes had yet to filter through the economy, according to a Bloomberg report.

'Sideways' Inflation Readings Will Spark Further Fed Action

While inflation has fallen significantly from its 澳洲幸运5开奖号码历史查询:peak in June 2022, when prices were rising at more than 9% year over year, the past few readings haven't shown significant declines, which Daly described as inflation moving "sideways." The most recent 澳洲幸运5开奖号码历史查询:personal consumpt♎ion expen💫diture (PCE) inflation readings showed that inflation has remained at a 3.4% year♛-over-year rate over the past three months, still h🌸igher than the Fed's 2%🍰 goal.

Prices of goods have come down, Daly said, but other spending categories haven't come down enough—especially shelter costs and 澳洲幸运5开奖号码历史查询:core services excluding housing, an inflation measure that helps isolate the effect of wage growth on higher prices.  According to Daly, if "core services ex housing" were to continue moving "sideways," thܫen the Fed would likely be forced to raise rates.

Dallas Fed President Lorie Logan also spoke today but did not address interest rates, instead focusing her comments on ways that the Federal Reserve can strengthen its 澳洲幸运5开奖号码历史查询:liquidity infrastructure.