Nick Timiraos reported that San Francisco Fed President Mary Daly will deliver a speech tonight (Thursday morning in Tokyo time) outlining a bimodal economic outlook. Daly indicated that while scenario one remains her base case, scenario two has been gaining traction and warrants closer attention. Regarding the Federal Reserve's decision not to act in July, Daly clarified that it was not about "fine-tuning" policy, but rather about determining if the economy is in a fundamentally "different world" that would necessitate a more substantial policy adjustment. She added that more information is forthcoming, which could reveal a "very different situation" if recent shocks subside.