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- Fed's Daly: Time to move away from Fed's extraordinary support for the economy
Fed's Daly: Time to move away from Fed's extraordinary support for the economy
San Fransisco President and FOMC member Mary Daly on Wednesday said that it is now time to move away from the Fed's extraordinary support for the US economy, according to Reuters.
Additional Remarks:
"The timing and magnitude of rate hikes and balance sheet adjustments will depend on how the economy and data evolve."
"It is appropriate to begin policy adjustment in March, absent any significant negative surprises."
"By almost any measure, the economy is doing well and labor market gains have been broad-based."
"The focus for the next few years will be on bringing inflation back down, delivering a labor market that works for everyone, despite uncertainty."
"Inflation is too high and has spread beyond Covid-affected sectors."
"As the Fed adjusts policy and we move to a post-pandemic world, we need to keep in mind pre-pandemic challenges, including downward pressure on inflation."
Market Reaction
Daly's comments are nothing new and thus have not moved FX markets.
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