The president of the San Francisco Fed says she’s not worried about the future of the Fed under a second Trump presidency

Dedicated Broadsheet readers may remember Daly from her interview earlier this year. She had an unusual rise to the top of U.S. monetary policymaking and economics, from watching her parents struggle through high inflation in the 1970s to first studying at community college. “I’m short, I’m female, I’m gay, and I come from a crooked path background,” is how Daly has described her own distinguishing characteristics.

Yesterday, Daly told me that she’s not worried about a second Trump term even though the former president has been hostile toward the Fed in the past.

Stuart Isett/Fortune

“We’ve had many times in our history where presidents have wanted a different outcome or political leaders have wanted a different outcome,” Daly says. She stays focused on the goals given to the Fed by Congress: price stability and full employment. The Fed is “completely apolitical,” she adds.

She is, however, focused on the rest of the country. “The American people are like our shareholders,” she says. “We have to earn their trust and their respect by doing great work.”

Daly declined to give “time-based guidance” on when the Fed might cut interest rates—the other hot topic of the day.

“We at the Fed do not deal in hypotheticals. We work with the economy we have,” she says. “And right now the economy is…slowly moving back to a sustainable pace of growth in the labor market and lower inflation, but we’re not there yet.”

Stay tuned throughout the week for more from Brainstorm Tech.

Emma Hinchliffe
emma.hinchliffe@fortune.com

The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.

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PARTING WORDS

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