“Mary Daly, President of the San Francisco Fed, did not rule out a third consecutive interest rate hike of 0.75 percentage point at the central bank’s next policy meeting in September, though signaled initial support for the Fed slowing the pace of its interest rate hikes“, says the Financial Times (FT) with the latest interview with the person in charge of monetary policy.
Featured Comments (from the Financial Times)
There is good news in the month-on-month data that consumers and businesses are getting some reliefbut inflation is still too high and nowhere near our price stability target.
Still, “core” prices – which exclude volatile items such as energy and food – rose, led by a rebound in services inflation which, according to Daly, shows no signs of moderating.
That’s why we do not want to declare victory over lower inflation.
we’re not done yet.
there is a lot of uncertaintyso go ahead with great confidence that [una subida de tasas de 0.75 puntos porcentuales] it is what we need and being prescriptive would not be optimal policy.
We have a lot of work to do. But I don’t want to do it so reactively that we find ourselves screwing up the job market.
If we flip the economy and [la gente] loses jobs, then we will not have improved their situation.
What we need is not a good report on inflation. It’s encouraging, but it’s not proof of the goal we really want.”
Source: Fx Street
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