San Francisco president Mary Daly is speaking and says:
- Strength of the US economy, elevated inflation suggests more work to do on rate hikes
- Prudent Fed policy requires calibrating decisions based on all the data.
- She sees a good reason that economy may keep slowing even without further rate hike's
- we are committed to ensuring all deposits are safe. Becky system is sound and resilient
- US economy remains strong, labor market extremely tight
- Fed must monitor tightening credit conditions in determining path of rates
- Remains resolute, committed to 2% inflation goal
- Global headwinds, lagging impact of fed funds rate hike's are also factors in setting policy
Earlier today, Fed's Barkin also implied "we are not their yet". He commented that he would need a few months of inflation at the target level of 2% before claiming victory.
Later today, the FOMC rate minutes will be released.