The Fed’s Daly says more rate hikes are likely needed to cool inflation

Federal Reserve Bank of San Francisco President Mary Daly said policymakers will likely have to raise interest rates higher and keep them at elevated levels for a longer period of time.

“Clearly there is more work to be done,” Daly said in a speech Saturday at Princeton University in New Jersey. “To put this episode of high inflation behind us, further policy tightening, sustained for a longer period of time, is likely to be necessary.”

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