Fed Policy Should Be Restrictive Until Inflation Falls, Daly Says

Federal Reserve Bank of San Francisco President Mary Daly said policy needs to remain restrictive until there’s more progress on inflation, which she expects will continue declining over time.

“At this point, policy needs to remain restrictive until, from my vantage point, until I see that we are really continuing to make progress on inflation,” Daly said Tuesday in a question-and-answer session following a speech in Phoenix.