Fed’s Daly Says Deep Recession Not Needed to Curb High Inflation

The Federal Reserve is committed to raising interest rates until it restores price stability and should try to do so in a manner that avoids a difficult downturn, said San Francisco Fed President Mary Daly.

“Resolute to our goals, the Fed has raised the benchmark interest rate rapidly this year, and projects additional increases will be needed,” Daly said Thursday in prepared remarks at Boise State University in Idaho. “These are necessary and appropriate adjustments, taken to put the economy back on a solid footing.”