Three Federal Reserve interest-rate cuts is a “reasonable baseline” expectation for this year, San Francisco Fed President Mary Daly said. “I think that’s a reasonable baseline,” Daly said Friday while answering questions after a speech in Washington. The San Francisco Fed chief, who votes on monetary policy this year, delivered a keynote address at a conference hosted by the National Association for Business Economics. In her prepared remarks, she highlighted two opposing risks officials need to take account of in setting policy: Slower progress in bringing down inflation, on the one hand, and a sudden sharp ... (full story)