US FOMC Member Daly Speaks

post: DALY: POLICY REMAINS RESTRICTIVE post: FED'S DALY: THE US ECONOMY IS IN A GOOD PLACE. post: DALY: NO REASON TO BE DISCOURAGED ABOUT INFLATION PROGRESS, BUT TAKING LONGER THAN ANYONE WANTS post: DALY: ASKED IF THERE WILL BE MORE RATE CUTS THIS YEAR, SAYS THE WORLD IS UNCERTAIN post: SF FED'S DALY Q&A/ABA: 'WANT TO BE CAREFUL' BEFORE THE NEXT MONPOL ADJUSTMENT; REPEATS, UNCERTAINTY IS NOT PARALYSIS; CAN'T 'JUMP TO A CONCLUSION' #Daly #FederalReserve #economy

Good morning. It is a pleasure to be here in Phoenix and an honor to be speaking to so many community bankers. I should also say, welcome to the Twelfth Federal Reserve District. We are delighted to have you! I am really looking forward to a great discussion. To get us started, I will provide a few opening remarks, reflections from my vantage point as a Reserve Bank President. As presidents, my colleagues and I occupy a unique place in the conversation about banking and community banks. We don’t have a role in regulatory or supervisory policy, nor a direct role in the execution of these programs. These responsibilities reside with the Board of Governors. But that doesn’t mean we don’t have insights. Reserve Banks house many of the teams that do direct supervision. And Reserve Bank presidents spend considerable time talking to bankers and their customers as part of our economic and community outreach. All of this gives us perspective on the challenges and opportunities for all banks, especially community banks. Reflecting on these insights in preparation for this conference, a consistent theme emerges. And that is the growing gap between how we talk about community banks—often extolling their virtues and importance—and the environment we create for them through regulatory and supervisory frameworks. Of course, we all want a safe and sound ban post: FED'S DALY DOES NOT COMMENT ON MONETARY POLICY, OR THE ECONOMY IN PREPARED REMARKS CALLING FOR TAILORING BANK REGULATIONS.

post: FED'S DALY: WE HAVE TO THINK ABOUT NET EFFECT OF ALL POLICIES, WE DEFINITELY DON'T WANT TO TAKE PREEMPTIVE ACTION.

post: DALY: THE FED CAN TAKE ITS TIME TO LOOK AT DATA AND POLICY CHANGES BUSINESS CONTACTS ARE OPTIMISTIC post: FED'S DALY: THE FED HAS NOT FINISHED THE JOB ON INFLATION YET post: FED'S DALY: THE FED IS IN A GOOD POSITION TO WAIT AND SEE.

Good morning. It’s an honor to be part of this esteemed panel celebrating Ben Bernanke’s contributions to economics. I will discuss Ben’s time as Chair of the Federal Reserve.1 Let me begin by taking you back to March 2009. We were deep into a financial crisis that many feared would turn into another Great Depression. Jobs were vanishing by the millions, foreclosures were devastating neighborhoods, and the country was teetering, consumed by uncertainty and fear. Trust in institutions was fragile. Hope felt distant. And then something remarkable happened. Ben Bernanke, Chair of the Federal Reserve, stepped away from policy meetings, discussions with financial markets, CEOs, and global leaders, and sat for an interview with 60 minutes. The interview was double-length, largely unscripted, and reached 13 million viewers.2 post: FED'S DALY DOES NOT COMMENT ON OUTLOOK FOR MONETARY POLICY, ECONOMY IN REMARKS ON BERNANKE'S LEGACY AS FED CHAIR

Two Federal Reserve policymakers on Saturday said they feel the U.S. central bank's job on taming inflation is not yet done, but also do not want to risk damaging the labor market in the process. The remarks, from Governor Adriana Kugler and San Francisco Fed President Mary Daly, highlight the delicate balancing act facing the U.S. central bank this year, after lowering short-term rates by a full percentage point last year. Fed policymakers in December signaled they expect to reduce rates more slowly this year to bring inflation, ...

post: FED'S DALY: I'M NOT COMFORTABLE WITH INFLATION AT 2.5% BUT WE'RE BALANCING THAT WITH THE LABOR MARKET. post: FED'S DALY: THE INFLATION RISING WAS PART OF THE REASON YOU SAW RATE CUTS DIALLED BACK IN THE SEP. post: FED'S DALY: WE MIGHT END UP WITH FEWER CUTS THAN 2 OR MORE THAN 2 IF THE LABOR MARKET WEAKENS NOTABLY.