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- Fed's Daly: Already seeing effects of higher rates; full impact of policies will unfold over time
Fed's Daly: Already seeing effects of higher rates; full impact of policies will unfold over time
Reuters has reported that the San Francisco Fed chief Mary Daly said on Thursday, that the Federal Reserve needs to slow the US economy and take the heat out of the strong jobs market to bring down corrosively high inflation.
"Navigating the economy toward a more sustainable path necessitates higher interest rates and a downshift in the pace of economic activity and the labor market," Daly said in remarks prepared for delivery to Boise State University in Idaho, a view also expressed last week by Fed Chair Jerome Powell and several Fed policymakers since.
"But for now, inducing a deep recession does not seem warranted by conditions, nor is it necessary to achieve our goals."
Key quotes
- Downshift in economic activity, labor market needed to bring down inflation.
- A deep recession isn't warranted or necessary.
- Additional interest rate increases are necessary and appropriate.
- 'Myriad of risks' narrows path to smooth landing, but do not close it.
- Already seeing effects of higher rates; full impact of policies will unfold over time.
- Need to remain attentive to data; the costs of errors are high.
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