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Mary Daly, president of the Federal Reserve Bank of San Francisco, said that bringing inflation under control may require further interest-rate increases, though their timing and size remain uncertain, and that any moves should be gradual and measured. She stressed that lowering inflation is a priority, while noting the need for more data. She supported a rate hike in September and holding rates steady at the most recent meeting, while leaving the door open to further tightening if conditions warrant. She described the decline in technology stocks and the repricing of artificial-intelligence investments as an orderly but painful correction that could slow growth somewhat without triggering a sharp downturn.
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