 I see it as likely that some policy adjustments will be warranted. Now, Daly would not say exactly when that might happen. She left the door open at least a crack to cutting rates at the very next Fed meeting later this month. But most investors are betting it's going to be September before rates start coming down. Of course, lower borrowing costs would be welcome for anyone who wants to buy a house or get a car loan or who's carrying a balance on their credit card.