Fed’s Daly Calls Inflation a ‘Corrosive Disease’ Eroding Incomes

Federal Reserve Bank of San Francisco President Mary Daly said too-high inflation is depressing the real wages of US workers, especially the less advantaged who are bearing “a higher tax” from rising prices.

Inflation is a “corrosive disease, it is a toxin that erodes the real purchasing power of people,” Daly said Tuesday during a discussion at the Council on Foreign Relations in New York. “An inclusive economy goes both ways: It doesn’t mean just jobs, it means jobs and price stability.”