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Fed's Daly sees rate hikes ahead, but says 'measured' approach needed

Thursday, January 6, 2022
Fed's Daly sees rate hikes ahead, but says 'measured' approach needed © Reuters. FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses before her first in-person public event since the start of the coronavirus disease (COVID-19) pandemic, at the Commonwealth Club of California in San Francisco, California, U.S. Nove

By Ann Saphir

(Reuters) -With the U.S. labor market "very strong" and high inflation acting as a "repressive tax" that puts a particular burden on the poor, the Federal Reserve should raise interest rates this year, San Francisco Fed President Mary Daly said on Thursday.

Still, she added, with the U.S. economy supporting millions of fewer jobs than before the onset of the COVID-19 pandemic, as many workers remain cautious in the face of the virus, the U.S. central bank's approach ought to be data-driven and "measured."

"If we act too aggressively to offset the high inflation that’s caused by the supply and demand imbalances, we won't actually do very much to solve the supply chain problems, but we will absolutely bridal the economy in a way that will mean less job creation down the road," Daly said during an Irish central bank virtual event.

While the economy is "closing in" on full employment in the context of an ongoing pandemic, she added, "there's a difference in the short run and the long run ... balancing those things as we move forward in 2022 will be the critical point of business for monetary policy."

Inflation has been running at more than twice the Fed's 2% goal for months, and has broadened from sectors directly impacted by COVID-19, such as used cars, to most of the basket of goods that Americans buy regularly.

In response, and with the U.S. unemployment rate now at 4.2%, Fed policymakers in December decided to end their asset purchase program by March to make room for interest rate hikes later this year.

Minutes of the Dec. 14-15 meeting released on Wednesday https://www.reuters.com/markets/us/fed-may-need-hike-rates-faster-reduce-balance-sheet-quickly-minutes-show-2022-01-05 showed that some Fed policymakers want to move even faster to tighten policy, including by shrinking the Fed's $8 trillion-plus balance sheet.

"I'm of the mind that we might need to, likely will need to, raise interest rates ... in order to keep the economy in balance," Daly said.

But with interest rates as low as they are - the Fed has kept its benchmark overnight interest rate pinned near zero since March of 2020 - "raising them a little bit is not the same as constraining the economy," she said.

Daly added that it is a "very different conversation" from reducing the balance sheet, as doing so would only come after the Fed has begun normalizing interest rates.

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17-01-2022 11:51:18 (UTC+7)

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 EUR/USD1.1405Neutral
 GBP/USD1.3649↑ Sell
 USD/JPY114.57↑ Sell
 AUD/USD0.7211Sell
 USD/CAD1.2520↑ Sell
 EUR/JPY130.66↑ Sell
 EUR/CHF1.0422Neutral
 Gold1,818.25Neutral
 Silver23.017↑ Buy
 Copper4.4260↑ Buy
 Crude Oil WTI83.67↑ Buy
 Brent Oil86.40↑ Buy
 Natural Gas4.280↑ Sell
 US Coffee C239.65↑ Buy
 Euro Stoxx 504,303.75↑ Sell
 S&P 5004,662.85↑ Buy
 DAX15,937.38↑ Sell
 FTSE 1007,611.78↑ Buy
 Hang Seng24,218.03↑ Buy
 Small Cap 20002,163.00↑ Sell
 IBEX 358,840.38↑ Sell
 BASF68.200Neutral
 Bayer52.80↑ Buy
 Allianz227.00↑ Buy
 Adidas252.71↑ Buy
 Lufthansa7.210↑ Sell
 Siemens AG146.53Neutral
 Deutsche Bank AG12.020↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,120/ 6,160
(0/ 0) # 1,148
SJC HCM6,110/ 6,170
(10/ 0) # 1,158
SJC Hanoi6,110/ 6,172
(10/ 0) # 1,160
SJC Danang6,110/ 6,172
(10/ 0) # 1,160
SJC Nhatrang6,110/ 6,172
(10/ 0) # 1,160
SJC Cantho6,110/ 6,172
(10/ 0) # 1,160
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JPY192,66203,94
KRW16,5020,10
Cập nhật lúc 18:52:49 17/01/2022
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