San Francisco Fed President Mary Daly sees the central bank's benchmark interest rate rising above 5%
San Francisco Fed President Mary Daly said she expects the central bank to boost interest rates above 5% in order to get inflation down.
Daly said the central bank has moved into a trickier “second”... San Francisco Fed President Mary Daly said she expects the central bank to boost interest rates above 5% in order to get inflation down. The new phase that the central bank is embarking on is to raise the benchmark interest rate “just enough” and then hold it to slow the economy enough to bring inflation down.
Daly said she raised her forecast for inflation this year because price gains in the service sector had been sticky, even after housing price gains were subtracted from the calculations.Daly wouldn’t be pinned down on whether she will support another 50 basis point hike at the next Fed meeting on Jan. 31-Feb. 1 or a slowing down to a 25 basis point move.
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