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Fed’s Daly Says ‘More Time’ Needed for Restrictive Rates to Work
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 their 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. Daly said recent data — which showed price pressures picked back up early this year — underscores why officials can’t declare victory until they’re confident inflation is contained. ... (full story)