“I’d really like to get out of the idea that data dependence is a single report or even two reports,” Daly said
San Francisco Federal Reserve President Mary Daly said Friday she wasn’t sure the central bank has raised interest rates high enough to bring inflation back down to the 2% target.
In an interview on CNBC, Daly was asked if rates were “sufficiently restrictive” to bring inflation down.While markets are demanding certainty from the Fed, “the truth is we don’t know,” she added. At the moment, Fed policy was “in a very good place,” Daly said, able to react however the economy evolves.
The Fed needs to stand in a “ready position,” on its toes to raise interest rates again or stop monetary tightening depending on the economic data, she added. “That ready position is something everyone understands in sports….but when we do it in policy, people find it confusing,” Daly said.. Anecdotal data will play a big role. “It will be constellation of data that we are going to have to look at,” she said.The central bank’s economic forecast in September had one more rate hike penciled in, but traders in derivative markets see only a slim chance of a move at the next meeting in December.
San Francisco Federal Reserve Mary Daly Interest Rates Inflation Target Uncertainty Fed Policy Economy
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'The world is watching': Mayor Breed says APEC will reset dialogue about San FranciscoAll eyes are on San Francisco this week as the APEC conference gets underway, and in a city that has taken a beating in the national discourse, there's a lot at stake. From security concerns to financial demands, Mayor London Breed discussed critical issues facing San Francisco ahead of the summit.
Read more »
The challenges San Francisco faces converting office space into residential unitsLooking back at San Francisco's history we know it's possible to convert a commercial space into residential units, but what does it take? The answer: it's not that simple.
Read more »
Cruise driverless cars recalled for software update after person dragged in San FranciscoGeneral Motors’ Cruise autonomous vehicle unit is recalling all 950 of its cars to update software after one of them dragged a pedestrian to the side of a San Francisco street in early October.
Read more »
What it's really like to ride in Cruise and Waymo robotaxis on San Francisco streetsSelf-driving cars without safety drivers behind the wheel have flooded San Francisco streets. In August, General Motors-owned Cruise and Alphabet's Waymo were granted permission to expand operations, allowing people to hail a driverless car like they do for an Uber. But the launch has been plagued by problems.
Read more »
GM’s Cruise recalls all its driverless cars after pedestrian hit and dragged San FranciscoThe Company issued a voluntary recall after a horrific accident in which one of its cars failed to detect a pedestrian pinned underneath and dragged her for about 20 feet.
Read more »
A Cultural Mission nabs the San Francisco International Arts FestSF International Arts Festival continues move into the Mission with The Last Supper Party at Medicine for Nightmares.
Read more »