DUBLIN, Ireland (Reuters) -Risks to the Federal Reserve's two goals of price stability and full employment are balanced now that the Fed has cut interest rates twice so far this year, San Francisco Fed President Mary Daly said on Thursday, leaving her open minded about the upcoming December rate-setting decision.

"To my mind, it's premature to say definitely no cut, or definitely a cut" for the U.S. central bank's December 9-10 meeting, Daly said at an event hosted by the Institute of International and European Affairs in Dublin, Ireland. "I have an open mind, but I haven't made a final decision on what I think." 

With just under four weeks before she flies to Washington to join her 18 fellow U.S. central bankers at the Fed's policy-setting table, Daly said she feels it's still clear that the general direction for the policy rate is downward. But the timing, she suggested, will depend on what the data says. 

The risks to missing the Fed's 2% inflation goal or of falling short of its maximum-employment mandate "are in balance at this point and maybe even still slightly higher on employment because the evidence has come in over the course of this year that says inflation's increased less than we had projected and employment has deteriorated more than we projected," she said. 

Still, she said, there's been some recent acceleration in services inflation, and the Fed's half-percentage-point of rate cuts this year has delivered some support to the labor market, where a drop in demand has kept wage growth muted, 

"I would be fine with 'balanced' at this point," Daly said. "We need to collect more information before we make a decision about December, in my judgment, you know, because we have two goals and both of them have risks attached to them."

Daly does not vote on rates until 2027, but takes part in the policy debate that informs the decision by her 12 voting colleagues. 

(Writing by Ann Saphir; Editing by Andrea Ricci )