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Fed's Daly says don't be fearful about too-high inflation San Francisco Federal Reserve President Mary Daly on Tuesday pushed back against critics warning
low interest rates and government spending could overheat the U.S. economy and spark high
inflation.
"I am not thinking that we have unwanted inflation around the corner," Daly said at a virtual event
held by the University of San Francisco. "I don't think that's a risk we should think about right now."
The Fed has pledged to pin interest rates near zero until inflation rises to 2per cent and looks set
to exceed that goal, and until the economy also reaches full employment. The central bank has
also promised to keep buying US$120 billion in bonds each month until it sees
"substantial further progress" on both inflation and employment.
That super-easy stance, coupled with the Biden administration's proposed US$1.9 trillion spending
bill for pandemic relief, has some analysts warning of a coming surge in inflation.
Fed policymakers, including Fed Chair Jerome Powell, have generally pushed back against that
narrative, and Daly's comments Tuesday were the latest in that line.
"We should be less fearful about inflation around the corner, and recognize that that fear costs
millions of jobs, millions of livelihoods, millions of hopes and dreams," she said, referring to
the economic damage that could result if the Fed tightens policy too soon.
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