Fed's Daly speaking
- Patience is the boldest, best action for the Fed.
- Better to wait for greater clarity then raise rates preemptively
- Fed is well-positioned to act if inflation begins to look more persistent
- Hard to unwind preemptive action that turns out to be wrong
- Not now on hike rates does not mean not ever
- Over next several quarters, will watch to see if inflation eases workers come back
- As we get a clearer signal, we will be ready to act
- Good reasons to think high inflation won't last beyond pandemic
- Too early to count out the millions of people on sidelines of labor force
- Little evidence of now of wage price spiral
- Raising rates would not fix high inflation now, but would cure demand and slow recovery.
