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Fed's Daly: 75 bps rate hike likely needed in July

Economy Jun 24, 2022 08:49PM ET

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Fed's Daly: 75 bps rate hike likely needed in July

© Reuters. FILE PHOTO: San Francisco Federal Reserve Bank President Mary Daly poses at the bank’s headquarters in San Francisco, California, U.S., July 16, 2019. REUTERS/Ann Saphir/File Photo

(Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Friday said another 75 basis point interest rate hike in July is her "starting point," though if the economy slows more than she expects, a half-point hike could be reasonable.

"Right now that looks like what we'll need," Daly told reporters after a speech at Chapman University, saying she now expects to need to get rates up to 3.1%, her view of "neutral," by year-end because the data suggests inflation has not peaked and households still have plenty of savings to spend.

"If we get more tightening or a broader slowdown in the economy than I currently expect, then anything between 50 and 75 seems like a reasonable thing to consider," she said.

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Comments (7)

Troy Lee Jun 25, 2022 10:51AM ET

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And households still have plenty of savings to spend????????

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Jose Cabreja Jun 25, 2022 10:51AM ET

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yes.. FED wants everyone savings at negative🤣🤣

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jason xx Jun 25, 2022 7:43AM ET

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Who cares it's all about JPow not these puppets that never stop talking

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Steve Bojo Jun 25, 2022 2:28AM ET

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8% inflation will not be curbed with intermittent increases.

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jason xx Jun 25, 2022 2:28AM ET

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No but it will be curbed by healthy supply chains

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ranjan das Jun 24, 2022 10:31PM ET

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what are you all think after Daly's speech market will up or down

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Roger Miller Jun 24, 2022 10:20PM ET

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Remember when they said inflation was transitory? Either they lied or are not the brightest, as almost everyone else was predicting high inflation.

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Kerry Ditto Jun 24, 2022 10:00PM ET

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150 bp hike is needed

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Steve Bojo Jun 24, 2022 10:00PM ET

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More than that

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Jun 24, 2022 9:42PM ET

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US national debt is 30.6 trillion. Good luck :)

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Jose Cabreja Jun 24, 2022 9:42PM ET

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the U.S govt owes the U.S FED Reserve 30.6T.. Paper debt.

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