Federal Reserve Bank of San Francisco President Mary Daly said policy needs to remain restrictive until there’s more progress on inflation, which she expects will continue declining over time.

San Francisco Federal Reserve Bank President Mary Daly on Tuesday said that while there's no reason to be discouraged about the bumpy and sometimes imperceptible progress toward 2% inflation, the U.S.

Federal Reserve Bank of San Francisco President Mary Daly said Tuesday that monetary policy should remain in restrictive territory "until I see that we are really continuing to make progress on" lowering inflation.