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MNI: Fed Can Tame Inflation Without Deep Recession, Daly Says

(MNI) OTTAWA
(MNI)

San Francisco President says the danger of inflation grows the longer it remains elevated.

The Federal Reserve still has time to bring inflation under control without triggering a deep recession, San Francisco President Mary Daly said Thursday, comments that go further in explaining that a period of weakened growth and job creation will be the price of tightening.

"Navigating the economy toward a more sustainable path necessitates higher interest rates and a downshift in the pace of economic activity and the labor market," she said in the text of a speech at Boise State University. "But for now, inducing a deep recession does not seem warranted by conditions, nor is it necessary to achieve our goals."

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The Federal Reserve still has time to bring inflation under control without triggering a deep recession, San Francisco President Mary Daly said Thursday, comments that go further in explaining that a period of weakened growth and job creation will be the price of tightening.

"Navigating the economy toward a more sustainable path necessitates higher interest rates and a downshift in the pace of economic activity and the labor market," she said in the text of a speech at Boise State University. "But for now, inducing a deep recession does not seem warranted by conditions, nor is it necessary to achieve our goals."

Keep reading...Show less