San Francisco Federal Reserve Bank President Mary Daly on Monday said she has not seen anything to suggest the U.S. central bank would stop cutting interest rates, which are "absolutely" still high enough that they are restraining the economy.

The Fed cut rates five weeks ago, but banks are still paying high interest rates on high-yield savings accounts and combo checking/savings offers.

Mortgage rates are increasing in recent weeks despite the Federal Reserve's decision to cut interest rates last month for the first time in four years.

Kansas City Federal Reserve Bank President Jeffrey Schmid said on Monday he supports a "cautious and deliberate" approach to interest rate cuts now that inflation is heading back to the Fed's 2% target and the labor market is normalizing.

Minneapolis Fed President Neel Kashkari said Monday he expects modest rate cuts over the next few quarters, though added that evidence of a quicker slowdown in the labor market could lead to faster rate cuts.