(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Friday said there’s a “long way to go” before the Fed can meet its goals of 2% inflation and full employment, and emphasized that none of her colleagues believe there will be any rate cuts next year.

“Everybody has rates holding for ’23,” Daly said in a virtual event at the American Enterprise Institute, referring to interest-rate projections from all 19 Fed policymakers published earlier this week, when they also signaled they will likely need to lift the policy rate to 5.1% next year. Markets currently are pricing in rate cuts in the second-half of 2023.

(Reporting by Ann Saphir)