Economy / Inflation
Fed’s Daly says further rate increases are likely
The San Francisco Fed president said timing and size remain undecided.
Status: source-checked.
SAN FRANCISCO — San Francisco Federal Reserve President Mary Daly said Friday she expects the central bank will need to raise interest rates further to fight inflation, CNBC reported.
“My expectation is we’re going to have to tighten policy further. Exactly when and how much is still to be decided,” Daly said in a CNBC interview.
Daly called the October jobs report “good news for American workers” but noted average hourly earnings rose 3.1% annually while September consumer prices rose 3.7%. The Fed’s target range stands at 3.75%-4% after a September increase.
What we know / what we don't
What we know
- Daly expects further tightening.
What we don't know
- The Fed’s December decision is not known.
The source record