Federal Reserve Bank of San Francisco President Mary Daly said on Friday that the latest Omicron wave will extend the time period that inflation will remain high.
“Covid is the main reason for high inflation.”
“We need to unwind the Covid-induced inflation boom to get supply and demand into better balance.”
“We have to adjust policy to ensure we achieve price stability.”
“Slowing the economy a little bit with rate hikes will help bring demand down into better line with supply.”
“We want to bridle the economy a little bit.”
“It is appropriate for the Fed to bring inflation down.”