San Francisco Federal Reserve President Mary Daly said the recent rise in long-term Treasury yields reflects global forces rather than only U.S. monetary policy or domestic economic data. She pointed to international investor demand and foreign central-bank policies, while acknowledging that U.S. economic resilience also plays a role. Daly did not identify a target yield level and said policymakers should monitor global dynamics when assessing future interest-rate decisions. Higher long-term yields can tighten financial conditions by raising mortgage, corporate-bond and other borrowing costs, while also signaling investor expectations for inflation and economic growth. Her comments suggest the Federal Reserve may place less weight on domestic demand alone when interpreting the move and may see less need for aggressive tightening if global factors are primarily responsible. Daly also said the Federal Reserve’s credibility is not at risk, Jin10 reported.