Americans are on a ‘treadmill of high inflation’ and more rate hikes are likely, Fed’s Daly says
- Daly says prolonged inflation is squeezing Americans’ real wages.
- The Fed raised rates in September, then held them steady.
- Daly supports gradual decisions amid uncertainty.
San Francisco Federal Reserve president Mary Daly said Americans remain caught in a prolonged spell of high inflation, which is eroding the value of their wages. She is more concerned about inflation’s persistence than economic growth, and thinks further interest rate rises are likely as the Fed works…