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MNI: Fed Needs Restrictive Policy At Least Through 2023- Daly

(MNI) OTTAWA
(MNI)

San Francisco President is "prepared to do more" if inflation psychology worsens.

The Fed needs to hike interest rates this year and next bringing them into clearly restrictive territory and holding at least through 2023, San Francisco President Mary Daly told reporters Thursday, some of her most hawkish comments in this cycle.

It's too soon to tell if tensions in the U.K. will become an event that tightens global financial conditions in an environment of other forces such as a rush of central bank hikes and the Ukraine war, Daly said. While tighter financial conditions are needed in the U.S., Daly said there needs to be "clear and convincing" evidence inflation is moving back to where it needs to be before policy can be relaxed.

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The Fed needs to hike interest rates this year and next bringing them into clearly restrictive territory and holding at least through 2023, San Francisco President Mary Daly told reporters Thursday, some of her most hawkish comments in this cycle.

It's too soon to tell if tensions in the U.K. will become an event that tightens global financial conditions in an environment of other forces such as a rush of central bank hikes and the Ukraine war, Daly said. While tighter financial conditions are needed in the U.S., Daly said there needs to be "clear and convincing" evidence inflation is moving back to where it needs to be before policy can be relaxed.

Keep reading...Show less