Mary Daly: The Fed is Far from Done

Interest rates can remain high for some time reflecting economic conditionsTightness in labor market does not support the idea of a current recessionFuture interest rates will be data dependentOver the past few days, Federal Reserve officials have suggested that the current restrictive monetary policy cycle by the FOMC is far from over. This week, Mary C Daly, the 13th President of the San Francisco Federal Reserve and currently not a voting member, made her thoughts clear and commented that a lot of work must be done before the Fed can get inflation under control.