Federal Reserve Bank of San Francisco President Mary Daly warned the US labor market is nearing an inflection point, where further slowing could mean higher unemployment. Daly, who votes on monetary policy this year, said restrained demand will likely be needed to return inflation to the central bank’s 2% target. That may stress a labor market that while good, is no longer “frothy.” “So far, the labor market has adjusted slowly, and the unemployment rate has only edged up. But we are getting nearer to a point where that benign outcome could be less likely,” Daly said Monday in a speech prepared for delivery at the ... (full story)