Fed's Daly: More confident inflation is on the path to 2%

Risks to Fed's mandates are getting in more balance.

Minds are open to cutting rates in coming meetings.

Concern is that we will deteriorate from current place of balance in jobs report; we don't see that right now.

July jobs report reflected a lot of temporary layoffs, hurricane effect.

Will be watching carefully to see if next job market report reflects same dynamic, or reverses.

Underneath july jobs report is some reason for confidence we are slowing but not falling off cliff.

Fed will do what it takes to ensure we achieve both goal.

If react to one data point, we would almost always be wrong.

A 'steady in the boat' approach works well.

Policy needs to be pro-active.

We hear the economy is down shifting.

People are getting inflation relief, but still above 2% target.

Not seeing a move to widespread layoffs yet, that would be an early warning sign.

none of the labour market indicators she looks at are flashing red at present, but she is monitoring carefully.

Fed is prepared to act as we get more information.

It's clear inflation is coming down, labor market is slowing.

I am more confident we are on a sustainable path to 2%.

Communication itself is a policy adjustment.