Fed's Daly's remarks hint at a cautious approach to monetary policy, which can lead to mixed reactions in the market. While some investors might see this as a positive sign that the Fed is committed to ensuring economic stability, others might view the mention of economic risks as a cause for concern. This mixed sentiment is likely to result in a neutral short-term impact on SPY, as the ETF is a broad measure of the U.S. stock market and is sensitive to changes in investor sentiment regarding economic policies.