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.

The coronavirus has wreaked havoc on the economy, and in an emergency response, the Federal Reserve slashed interest rates by a full percentage point—the second rate cut in two weeks and the largest in Fed history.

History shows that Fed rate cuts often boost the stock market, but context matters—normalization cuts tend to drive gains, while recession cuts can lead to losses.

A trio of Federal Reserve policymakers on Monday expressed support for gradual U.S. interest-rate cuts, citing the strength of the economy and an uncertain outlook. The remarks -- from Kansas City Fed President Jeffrey Schmid,

Federal Reserve Bank of Dallas President Lorie Logan repeated her call for the US central bank to lower interest rates at a careful pace as the economic environment remains uncertain.

Contingency planning for possibility of rising inflation and interest rates will help businesses respond to changes fast and calmly—better than dithering or panicking.

Dallas Fed president Lorie Logan said Monday she continues to see the need for gradual rate cuts toward a neutral level to help manage the risk of faster cooldown in the labor market or pick up in the pace of inflation.

"Any number of shocks could influence what that path to normal will look like, how fast policy should move and where rates should ultimately settle," Federal Reserve Bank of Dallas President Lorie Logan says at the Securities Industry and Financial Markets Association's annual meeting in New York.

Dallas Fed president Lorie Logan repeated her call for interest rates to be lowered "gradually," citing an increased risk that the job market could worsen and a danger that inflation could still heat up again.