San Francisco Federal Reserve Bank President Mary Daly on Wednesday said the central bank needs to "carefully calibrate" its policy to make sure to bring inflation down without unnecessarily slowing the labor market, but also said she had not yet decided whether for her that would mean the Fed should cut rates again or leave them on hold at its policy meeting in two weeks.

"There's no sense of urgency" on cutting rates, Daly told the PBS NewsHour.

"I'm going to wait until I get to the December meeting and do all the analysis ... not only looking at the published data, but also getting the real time data on the ground from people who are doing business, working in the economy, leading their communities, and I'm going to bring that information with all of my other colleagues - there's 19 of us - and discuss and debate what the right calibration of policy is to support both the decline in inflation, which we need to have, and the health of the U.S. economy."

(Reporting by Ann Saphir; Editing by Chris Reese)