Federal Reserve Bank of San Francisco President Mary Daly said it’s too soon for policymakers to say they have done enough to return US inflation to their target.

“It’s really too early to say that we’ve declared victory on inflation,” she said on CNBC on Thursday. While data on consumer prices out Wednesday “is very positive,” she said she’s in a “wait-and-see mode on that, because I remain resolute to bring inflation down to 2%.”

Fed officials appear poised to resume interest-rate hikes this month after data showed inflation cooled sharply in June but remains above the central bank’s target.

The so-called core measure of the consumer price index — which excludes volatile food and energy prices — advanced 4.8% from a year earlier, data out Wednesday showed. That was the smallest increase since late 2021 and could give the Fed room to pause rate increases after its July meeting if the trend continues, economists say.