MNI BRIEF: Fed's Daly Says Patience is Most Important Policy

San Francisco Federal Reserve President Mary Daly said Wednesday that monetary policy must be given time to pull the economy out of the "substantial hole" created by the pandemic, and officials must look through any inflation blip later this year as vaccines allow for a major re-opening.

"The most important thing right now I think for everyone is a healthy dose of patience," Daly told reporters after a speech. She also declined to join some of her colleagues in giving her "dot plot" estimates for policy interest rates, saying "I just don't see it as benefitting the discussion."

Some former Fed officials have told MNI they fear a burst of inflation that the Fed may be slow in responding to.