Fed’s Daly: COVID-19 caused inflation, but Fed has to fix it

Fed’s Daly: COVID-19 caused inflation, but Fed has to fix it

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Economy4 minutes ago (Jan 14, 2022 11:36AM ET)

(C) Reuters. FILE PHOTO: San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. REUTERS/Ann Saphir

(Reuters) – San Francisco Federal Reserve Bank president Mary Daly on Friday said COVID-19 is the main reason for overly high inflation, and the U.S. central bank needs to raise interest rates to reduce demand to bring it better in line with crimped supply.

The latest Omicron variant of COVID-19 will only extend the time period that inflation will last, because it means supply chains will stay tangled and workers hesitant to return to the labor force, Daly said in a New York Times interview on Twitter (NYSE:TWTR) Spaces. “We are going to have to adjust policy to ensure we achieve price stability,” she said, “We want to bridle the economy a little bit.”

Fed’s Daly: COVID-19 caused inflation, but Fed has to fix it

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