The Fed’s Mary Daly says rate hikes should continue until inflation is tamed

San Francisco Federal Reserve President Mary Daly said Wednesday she backs raising interest rates aggressively until inflation comes down to a reasonable level. Those moves likely would entail multiple 50 basis point hikes at coming meetings, then a possible rest to see how the central bank policy tightening is combining with other factors to impact the massive surge in consumer prices. “We need to that expeditiously, and I see a couple of 50 basis point hikes immediately in the next coupe of meetings to get there,” she told CNBC’s Steve Liesman during an interview on “TechCheck.” “Then we need to look around and see what else is going on.” Daly said she sees some initial signs of a slowing economy and reduced inflation, but will need to see much more progress before the Fed can slow its efforts.
Source: CNBC