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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessKey Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
MNI: Inflation Is Far From Healthy Turning Point, Daly Says
Federal Reserve President Mary Daly said Monday the battle against rapid inflation is far from done and she's willing to hike the policy interest rate past 5% if needed.
"We need to focus on really getting the job done," she told reporters after a speech. “It is way too early to call a turning point on inflation.” Any weakness in headline inflation based on gasoline prices could be misleading and core indexes of goods and services prices are a better guide, she said.
“I would be more on the hawkish side” on hikes, adding she doesn’t like that particular word. “Inflation is a regressive tax” that must be contained, she said. Daly referenced comments made after her speech expecting fed funds to go to 5% and it could end up a quarter point above or below depending on data.
“At some point it becomes appropriate to step down the pace,” Daly said of rate hikes, cautioning it’s too soon to lay out a case for that at any given meeting. Tom Barkin at the Richmond Fed has told MNI rates could also move to a higher peak than previously thought even as the pace fades. (See Fed's Barkin-Prices May Force Higher Rates Peak) Stock prices fell after Daly's earlier comments about potentially overdoing rate hikes.
To read the full story
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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.