Earlier remarks are here:
Fed's Daly: Inflation is too high and has spread beyond covid-affected sectors
More now:
- how close to neutral rates will get is not certain, will depend on data
- don't see anything right now that would disrupt plans for march rate hike
- geopolitical situation is part of larger uncertainty to navigate, but not disrupting plans for liftoff
- inflation is well above goal
- need to demonstrate fed is committed not to allow perpetuating spiral of inflation
- raising rates at least four time would be my preference
- most likely it will need more than four rate hikes
- i am committed to getting demand and supply in balance
- raising interest rates isn't slamming the brakes on the economy
- the last thing you want is an economy that's going too fast
- we want to gradually move rates up
- Fed policymakers will deliberate whether balance sheet reductions will start after two rate hikes, or three rate hikes
- US unemployment rate will continue to come down this year
SFFed President Daly