Fed’s Daly: ‘Inflation is too high…the focus should be on reducing inflation’


San Francisco Federal Reserve Chairman Mary Daly spoke on US television on Sunday – CBS’ “Face the Nation”

The Federal Reserve is “far from ready yet” to lower inflation

  • “Absolutely – and we have to be data dependent”

Daly was asked about the possibility of a 50 basis point rate hike at the upcoming Federal Open Market Committee (FOMC) meeting in September:

  • “We have to keep an open mind. We have two other inflation reports coming out, another employment report.

The context is the stonkin’ NFP jobs gain reported on Friday:

  • Daly spoke last week saying a 50 basis point hike in September was “a reasonable thing to do”

After:

  • “Right now, I think the most important thing is that inflation is too high.”
  • “Americans are losing ground every day, so the focus must be on reducing inflation.”


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