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MNI: Fed's Daly Sees Another 75BP As Baseline For July Meeting

Source: Federal Reserve
(MNI)

San Francisco Federal Reserve President Mary Daly said Friday that a 75 basis point rate increase is a reasonable baseline for the next meeting.

Echoing Jerome Powell’s desire for expeditious tightening, Daly said rates need to move this year to a neutral rate she estimated could be around 3% today. While there may be more uncomfortable inflation readings in the next few months, the chance of expectations spiraling is quite low, she said.

“Seventy-five in July is where I’m starting” she told reporters after a speech, also referencing a half-point move if data shows the economy cooling off somewhat. Her comments are in line with ex officials who told MNI that 75 is the new rate-increase baseline. (See: MNI: Fed Sees 75bp Hike As New Baseline- Ex-Officials)
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
USPolicy NewsFederal ReserveCentral Bank NewsHomepageNorth AmericaStoryPolicy StoryRegion
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
USPolicy NewsFederal ReserveCentral Bank NewsHomepageNorth AmericaStoryPolicy StoryRegion

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