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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.
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Free AccessMNI BRIEF: Daly Says Hikes Taking Economy To Sustainable Pace
Higher interest rates will bring the U.S. economy to a more sustainable place with a modest rise in unemployment and perhaps a short phase of negative GDP growth rather than a recession, San Francisco Federal President Mary Daly said Tuesday.
“The labor market is strong, that means we are raising interest rates on an economy with a lot of momentum, and that puts us in a much better position to achieve a softer landing,” she said on a webcast hosted by LinkedIn News. “I see us tapping on the brakes to slow to a more sustainable pace.”
Daly didn't reiterate her view given Friday that another 75bp increase is a good baseline for the next FOMC decision, but on Tuesday did stress that inflation is a major risk to the economy that must be addressed. Former officials have also told MNI that 75bps is the likely next move. (See: Fed Sees 75bp Hike As New Baseline- Ex-Officials)
The unemployment rate will “rise slightly” from today’s low levels and “getting it up a couple of tenths does not tip us into a recession, it simply means a softening of the robust growth,” she said. “Growth will slip below 2%, but it won’t actually pivot down into negative territory and leave us for a long period of time.”
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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.