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

Published 01/14/2022, 11:33 AM
Updated 01/14/2022, 11:36 AM
© 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."

Latest comments

They can't fix it at this point; no m
; no matter what they do at this point we are screwed. Maybe that was the point though, maybe the great reset is accomplished by hyperinflation that makes the national debt and personal debts worthless, destroys savings, and ushers in CBDCs.
Who wrote " Inflation is always and everywhere a monetary phenomena " ?
Morgan freeman
COVID doesn't cause inflation but the wrong economic policy of president Biden
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