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

Published 06/24/2022, 08:44 PM
Updated 06/24/2022, 08:49 PM
© 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.

Latest comments

And households still have plenty of savings to spend????????
yes.. FED wants everyone savings at negative🤣🤣
Who cares it's all about JPow not these puppets that never stop talking
8% inflation will not be curbed with intermittent increases.
No but it will be curbed by healthy supply chains
what are you all think after Daly's speech market will up or down
Remember when they said inflation was transitory? Either they lied or are not the brightest, as almost everyone else was predicting high inflation.
150 bp hike is needed
More than that
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