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- Fed's Daly: Reiterates that Fed need to get rates to 2.5% by the end of the year
Fed's Daly: Reiterates that Fed need to get rates to 2.5% by the end of the year
San Francisco Fed President and FOMC member Mary Daly on Thursday reiterated that the Fed needs to get rates to 2.5% by the end of the year in an interview with Yahoo Finance. "We will likely be raising interest rates by 50 bps at a couple of Fed meetings" she noted, saying that the Fed would deliberate over whether hikes of 25 bps, 50 bps or 75 bps are needed.
It is an open question how far rates may need to go above 2.5%, Daly added, before repeating her view that the Fed will be able to achieve a "soft landing" for the US economy. The economy has demonstrated that it can self-sustain, she noted, before stating that she would not necessarily call the inflation peak, given lockdowns in China, the Russo-Ukraine war and ongoing supply chain bottlenecks.
The labour markets in the US are frothy and pushing up inflation, Daly said, though she said she doesn't see a wage-price spiral beginning.
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