San Francisco Federal Reserve President Mary Daly said Friday uncertainty over Trump administration policies is weighing on sentiment but not yet on U.S. economic growth, even as monetary policy continues to put downward pressure on inflation, leaving the Fed in no rush to adjust interest rates.

"We haven't heard a lot about pulling back and hunkering down," she said at an event held by UC Berkeley’s Fisher Center for Real Estate & Urban Economics, but that's not how businesses and consumers are acting. "Uncertainty has not stalled out activity... people are ready to engage."