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MNI: Daly Says The Fed Can Engineer A Soft Landing

(MNI) Ottawa
(MNI)

San Francisco President says policymakers can go further if needed to curb inflation.

San Francisco Fed President Mary Daly said Friday policymakers can get inflation back under control while avoiding an economic slump, pointing to the successful 1990s tightening cycle of 3 percentage points in a year as a better example than the tougher tradeoffs of the 1970s.

"Bringing inflation down is the Federal Reserve’s number one priority right now. And we have the tools and the will to do it," she said in prepared remarks. "But we actually want to do more than that. We want to bring inflation down without crippling growth and stalling the labor market."

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San Francisco Fed President Mary Daly said Friday policymakers can get inflation back under control while avoiding an economic slump, pointing to the successful 1990s tightening cycle of 3 percentage points in a year as a better example than the tougher tradeoffs of the 1970s.

"Bringing inflation down is the Federal Reserve’s number one priority right now. And we have the tools and the will to do it," she said in prepared remarks. "But we actually want to do more than that. We want to bring inflation down without crippling growth and stalling the labor market."

Keep reading...Show less