More from San Francisco Fed president Daly (voting member in 2024):

  • Clarifying earlier comments, says Fed needs to keep its options open on rate hikes this year; don't want to predetermine what the end of year interest rate level should be

Earlier Daly had said:

  • If Fed gets to 1.25% by the end of the year, that's quite a bit of tightening, but it's still supporting in the economy.

She seems to be suggesting that that rate is not her expectations for rate.

Meanwhile Feds George (voting member in 2022) is adding after her speech:

  • This is a pretty resilient economy
  • It will take a while for the pandemic to fade
  • interest rates at zero are a long way from levels that may be considered normal
  • Fed has to think carefully about the legs that come with policy decisions
  • It is no one's interest to upset the economy with unexpected adjustments
  • Fed is going to have to move deliberately to remove accommodation.
  • Fed has seen asset valuations very high
  • it is not surprising to see volatility as monetary policy is adjusted

On crypto currencies, George says:

  • Crypto currencies are rapidly growing and have her the attention of policymakers