Fed's Daly: Inflation is too high and has spread beyond covid-affected sectors

• It's time to move away from extraordinary support
• Timing and magnitude of rate hikes and balance sheet adjustment will depend on economy and data
• Appropriate to begin adjustment in March, absent any surprises
• Focus for next few years will be bringing inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term back down
• We need to keep in mind pre-pandemic challenges including too-low inflation

We've heard this line of thinking from Daly before. There's nothing here to strongly indicate 25 bps or 50 bps though you would think there would be a bit more urgency if 50 was a real consideration for her.

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• Rates will be moving up this year
• We are on a path toward an economy with tighter monetary policy
• I expect we will start raising rates in March then in subsequent meetings to get closer to neutral