02:13 PM EDT, 04/02/2024 (MT Newswires) -- While the three rate cuts projected for 2024 in the most recent Summary of Economic Projections is possible, the rate path is based on the how the economy evolves, San Francisco Federal Reserve Bank President Mary Daly said Tuesday in a discussion at the Southern Nevada Fireside Chat in Las Vegas.

Daly said that three cuts is "a very reasonable baseline, but that is a projection and not a promise."

The Federal Open Market Committee is not yet at the point where rate cuts can begin, Daly said, adding that more time is needed to establish price stability and that the Fed does not want to lock in at the current level of inflation by cutting rates too soon.

About Monday's release of stronger-than-expected manufacturing data for March, Daly said that she looks at a full dashboard of data and not one indicator.

The overall economy remains "very solid," Daly said, noting signs that entertainment and shows and other spending categories that suffered during the pandemic have rebounded in places like Las Vegas.

Daly is a voter on the FOMC in 2024.