Fed’s Daly declines to say what action Fed will take at June meeting

FILE PHOTO: San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles

By Michael S. Derby

NEW YORK (Reuters) – Federal Reserve Bank of San Francisco President Mary Daly on Monday said it’s too soon to say what the central bank will do next on monetary policy, as its June policy meeting draws closer.

“We have to be extremely data dependent” right now, Daly said in a virtual appearance. “It is a distraction” to say what the Fed will do when the June 13-14 Federal Open Market Committee meeting takes place.

There are broad expectations the Fed will not raise rates at the next gathering. Daly does not have a vote on the FOMC this year.

(Reporting by Michael S. Derby; Editing by Mark Porter)