Fed’s Daly says it’s time to consider adjusting borrowing costs, FT By Reuters reports

(Reuters) – Federal Reserve Bank of San Francisco President Mary Daly said it was time to consider adjusting borrowing costs from their current range of 5.25 percent to 5.5 percent in an interview with the Financial Times published on Sunday.

“Gradualism is not weak, it’s not slow, it’s not behind, it’s just cautious,” Daly told the paper, adding that the labor market, while slowing, “is not weak.”

In remarks earlier this month, she said it was too early to know whether July’s jobs report signaled a slowdown or real weakness, but warned it was “extremely important” to prevent the labor market from turning upside down in a decline. She was “more confident” that inflation is moving towards the 2% target.

Fed Chairman Jerome Powell is scheduled to deliver remarks on the economic outlook on Friday, the first full day of the Fed’s annual economic symposium from Kansas City to Jackson Hole, Wyoming.