Fed’s Daly Says ‘More Time’ Needed for Restrictive Rates to Work
- Considerable uncertainty over next few months’ inflation data
- Says can’t declare victory until confident inflation is tamed
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Federal Reserve Bank of San Francisco President Mary Daly said interest rates are currently restraining the economy, but it may take “more time” to return inflation to the central bank’s goal.
“We are restrictive, but it might take more time to just bring inflation down,” Daly said Thursday during a moderated discussion at George Mason University’s Mercatus Center, echoing remarks Fed Chair Jerome Powell made on April 16.