(Reuters) - Federal Reserve Bank of San Francisco President Mary Daly said on Thursday she's looking for more confidence that inflation is moving back to the Fed's 2% target before calling for a rate cut.

"We are not there yet" on price stability, and while recent data has been "really good," it's best for the Fed to be deliberative with its policy choices to avoid making mistakes, Daly said at a Dallas Fed event. The Fed is expected to cut rates in September, but some have said the central bank should act at its July meeting giving cooling price pressures.