San Francisco Fed President Mary Daly said on Friday that while Kevin Warsh, the nominee for Federal Reserve Chair, would come into the role with a plan for the central bank, ultimately—like every Fed Chair since Paul Volcker—he would have to respond to whatever surprises the economy presents.

"He will come in with a set of ideas about the direction he wants to focus on and the actions he wants to take," Daly stated during a meeting of the Fisher Center for Real Estate and Urban Economics’ 2026 Spring Policy Advisory Board at the University of California, Berkeley. "But then the economy will take its actual path, and that is what we really have to respond to. That is the process every Fed Chair, all Fed policymakers, and the entire Fed staff go through."