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Fed’s Daly Says Inflation Temporary, Taper May Start by Year-End

Mary Daly

Mary Daly

Photographer: David Paul Morris/Bloomberg

Consumer price spikes, which in June surged the most since 2008, will likely be a temporary feature of an economy that’s quickly recovering from the pandemic, said Federal Reserve Bank of San Francisco President Mary Daly.

Daly, who said she is “bullish” about the economy going into the fall, said it’s now appropriate for the central bank to begin discussing scaling back its monthly asset purchases, which could start at the end of the year or early 2022.