Federal Reserve Bank of San Francisco President Mary Daly:
- Recent inflation data was not surprising
- Inflation bumps along the way isn't particularly surprising
- Don't want to end up with too-strong, or too-weak policy response
Daly gets a little more sensible with these:
- Worst thing to do is act urgently when urgency isn't necessary
- Inflation above target, need to be confident it's on the way to target before can react
- No urgency to cut rates
More:
- Can't just look at published information, that's backwards looking
- Economy growing at a solid rate, labour market is still strong, inflation above target
- Our progress on inflation has been significant, but we are still not there yet
