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Daly On Sheer Momentum Of Economy Being Remarkable

FED
Paraphrasing Daly's ('24 voter) first few comments in her fireside chat. In summary, momentum in economy has been remarkable, the labor market is moving closer to balance and not at a point where able to declare victory on inflation.
  • On Wednesday's policy decision: Left rates where they are because, from my judgment, because recognize that have been really rapidly raising rates and want more time to receive information. It’s not a predictor for the next meeting but a sign we need to go at a slower pace. We’re looking at what’s been a very good set of data points in past couple months.
  • The labor market shows us a gradual adjustment which is unequivocally good news. I do not get to a point where I’m ready to declare victory [on inflation]. There’s a lot of info to collect and we won’t be satisfied we’re where we need to be until we’re confident inflation is on its path back to stability, as gently as we can.
  • The confounding strength of the labor market is a sign that there’s a lot of underlying strength in the economy – the sheer momentum has been remarkable. A lot is being driven by demand side but supply side also saw a lot of workers withdraw and we’re now just seeing them coming back. Those two factors, as demand starts to slow with higher rates, has started to close some of the gaps. We’re still not in balance (150k jobs added vs 100k coming in) but getting better.
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