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MNI BRIEF: Daly Says Fed is Far Away From Both Mandate Goals
San Francisco Federal Reserve President Mary Daly said Thursday the Fed is far away from both its mandate goals on employment and inflation, in response to a question about her definition of making substantial further progress that could lead to a scaling back of stimulus like asset purchases.
The millions of Americans still on the sidelines of the job market "is pretty far away from substantial further progress," she said during an online question-and-answer session with the Money Marketeers. Inflation only going above 2% temporarily means "we are far away from that target as well," she said.
"We need to see that we are well on our way to being able to achieve those goals before we say it's time to start thinking about any kind of withdrawal of accommodation," Daly said.
"We have the tools to pull inflation back," she said. "Our constraints are in getting inflation back up and eliminating the employment shortfalls." The comments are in line with MNI's recent interview of the Richmond Fed's Tom Barkin about signs inflation will remain tame in the medium term.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.