Salem Radio Network News Wednesday, February 1, 2023

Business

Fed’s Daly: do not want to tip economy into downturn

(Reuters) – San Francisco Federal Reserve Bank President Mary Daly said on Tuesday that the U.S. central bank is “resolute” about bringing down high inflation but also wants to do so “as gently as possible” so as not to drive the economy into a downturn.

It is important, Daly said at a symposium held jointly with the Monetary Authority of Singapore, “to navigate through this high inflation environment as carefully as we can, so that we don’t leave longer term damage to our labor market.”

(Reporting by Ann Saphir; Editing by Christian Schmollinger)

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