SF Fed President Mary Daly
- There are things in the money markets, crypto markets that bear watching
- household, banks, and businesses have a lot of liquidity; in a good position to weather storms
- yield curve is well within its historical range
- We don't control the longer end of the yield curve
- the yield curve is just another input into assessment of financial conditions: right now I don't see a reason to worry
- Balance sheet policies will be predictable, and will be in the background: will adjust if needed but won't be adjusting it meeting by meeting
- We will deliberating about Fed's balance sheet and coming meetings
- Raising rates will bring demand down
- also would expect that as Covid receipts, supply chains will be back up
- I don't see stagflation in the United States
- Don't see evidence that high inflation is getting embedded into psychology