San Francisco Fed President Mary Daly said Wednesday she now supports more steady rate hikes rather than gradual moves given the inflation outlook.
“I do think that having a little more urgency to move interest rates up to a level that’s in line with what the economy needs today is important,” Daly said, in comments to the Los Angeles World Affairs Council and to reporters afterwards.
Barring surprises, Daly said she supports lifting off in March, using subsequent meetings to adjust the rate higher and starting to shrink the balance sheet earlier in the year, instead of delaying it until later. The balance sheet move could come after two or three rate hikes, she said. After starting to reduce the balance sheet, the Fed may make subsequent moves as needed of either 25 basis points or 50 basis points, Daly said.
“I’m hearing that the pressures on inflation are not resolving at the speed that I had hoped that they would,” Daly said.
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