Salem Radio Network News Monday, August 2, 2021

Business

Fed’s Daly: inflation pop expected, likely temporary

(Reuters) – Federal Reserve Bank of San Francisco President Mary Daly said Tuesday that the inflation “pop” was expected, noting that the biggest jumps are in goods and services driven by a surge in post-pandemic demand and supply bottlenecks, and are likely to subside in coming months.

“Several months of this doesn’t mean that it’s not transitory,” Daly told CNBC in an interview, adding that she was bullish about growth for the fall and that it was the right time to start talking about reducing the Fed’s bond purchases. Still, she said, the Delta variant of COVID-19 poses risks, particularly to global growth; policy is in a “great place” and it’s premature to start talking about raising U.S. interest rates, she said.

(Reporting by Ann Saphir; Editing by Chizu Nomiyama)

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