(Bloomberg) -- Federal Reserve Bank of San Francisco President Mary Daly said interest rates are in a “very good place” to control inflation though she’s not thinking about cuts and that it was too soon to say if hikes are finished.

In an interview with Germany’s Börsen-Zeitung newspaper conducted earlier this month and published Thursday, her remarks echoed other policymakers who have made the case for keeping rates on hold.

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While she said it was “premature” to declare victory in the fight against inflation and it remained too high, she expressed no bias to tighten “excessively” after the aggressive steps the Fed has already taken.

“Policy is in a very good place. We have raised the key interest rate significantly,” she said, according to a transcript of the interview. “We don’t need an insurance mentality now, where we hedge against rising inflation. We should simply be patient and remain vigilant.”

Traders bet the Fed will hold the target range for its benchmark interest rate uncaged at 5.25% to 5.5% when officials meet Dec. 12-13 and that the next move will be down.

Billionaire investor Bill Ackman made waves this week when he said he’s betting the Fed will begin trimming rates even sooner than markets are predicting.

But Daly, who votes on the rate-setting Federal Open Market Committee next year, called talk about rate cuts “not particularly helpful at the moment.”

“I’m not thinking about rate cuts at all right now,” she said. “I’m thinking about whether we have enough tightening in the system and are sufficiently restrictive to restore price stability.”

Speculation that the US central bank will pivot to easing policy next year has been spurred by concerns that the economy is losing steam.

The Fed’s latest Beige Book survey of regional business contacts, published Wednesday, showed US economic activity slowed in recent weeks as consumers pulled back on discretionary spending.

But Daly dismissed suggestions that growth was in imminent peril.

“Our inflation data are improving and our real economy has not stalled,” she said. “I don’t see a recession on the horizon at the moment.”

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