On Thursday, San Francisco Federal Reserve President Mary Daly said that the “Fed needs to cut policy rate because inflation is falling and the economy is slowing.”

Additional comments

On size of Sept Fed rate cut, 'we don't know yet'.

Need more data, including friday's job market report and CPI

Fed must calibrate policy to the evolving economy.

Labor market has softened but still healthy, and that 'has to be sustained and protected'.

Hard to find evidence that labor market is faltering.

Overly tight policy could mean additional, unwelcome labor market slowing.

We have not restored price stability; inflation is still people's number one concern.

Businesses are being 'frugal' on hiring, but not yet 'dusting off their layoff manuals'.

We are at an inflection point in the economy, and data will be volatile.

Fed can take aggressive action when outlook is clear, but current outlook is uncertain.