Fed’s Daly: Work on inflation “nowhere near” almost done
2022.08.02 17:54
FILE PHOTO: People shop in a supermarket as inflation affected consumer prices in Manhattan, New York City, U.S., June 10, 2022. REUTERS/Andrew Kelly/File Photo
(Reuters) – The Federal Reserve’s work of bringing down inflation is “nowhere near” almost done, San Francisco Fed President Mary Daly said on Tuesday, adding U.S. central bank officials are “still resolute and completely united” in the task of achieving price stability.
Daly, in an interview streamed on LinkedIn and hosted by a CNBC anchor, said, “We have made a good start, and I feel really pleased with where we’ve gotten to by this point,” but she cautioned there is still “a long way to go” to lower inflation from four-decade highs.
The Fed last month raised its benchmark interest rate – its key policy tool – by three-quarters of a percentage point for a second straight meeting. Fed Chair Jerome Powell after that meeting said another “unusually large” rate hike may be appropriate at their next meeting in September if inflation is not easing to a sufficient degree.
