Fed can be patient amid uncertainty, Daly says

May 14 (Reuters) - The U.S. economy and the labor market are solid, and inflation is declining, San Francisco Federal Reserve Bank President Mary Daly said on Wednesday, and with monetary policy moderately but not overly restrictive, the U.S. central bank can wait amid ongoing uncertainty to adjust interest rates as needed.

"We have ourselves in a good position to respond to whatever comes right now," Daly told the California Bankers Association. "Patience is the word of the day."