San Francisco Federal Reserve Bank President Mary Daly said in an interview with Fox Business News on Friday that it is “far too early” to declare victory against inflation despite encouraging data seen recently. Daly explained that the trajectory of Fed’s monetary policy is heading towards additional tightening and is projected to remain in restrictive territory until inflation rate drops down to its 2% objective. “The rate decisions will depend on inflation,” Daly stressed, pointing out that even while she anticipates a steady drop in inflation this year, it is doubtful that it will achieve the target. “The jobs number was a ‘wow’ number, but the trend is not surprising,” the Fed official also commented on the latest data, adding that recent figures have showed a “strong labor market.”