Fed’s Daly says rates need to be raised further to control inflation

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Federal Reserve Bank of San Francisco President Mary Daly said on Tuesday the bank must raise interest rates again and maintain tight policies until “we’re done really” cutting inflation to the Fed’s 2% target.

“There’s a lot of room to slow down the labor market before we get to the severe recession conditions that people are predicting,” Daly told CNN, adding that he projects unemployment to rise to the “4.5% range” rather than the higher levels some have predicted.

“Interest rate hikes slow down the economy and have spillover effects on other countries’ currencies, but central banks, regardless of where they are, are meant to create policies for the country they serve, and then we have to be aware of how this affects the global economy because that’s part of the puzzle.” Said.

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