Fed's Daly (2027 voter) says underlying US economic fundamentals in a good place
ECONOMY:
- Underlying US economic fundamentals in a good place
- Consumers are still spending, businesses are still investing
- Labour market ‘settling at a good place’
- Longer-term inflation expectations are anchored
MIDDLE EAST:
- Question is how long oil will stay elevated, too early to know
- Says it is important that Fed doesn’t move around as much as news or markets do
- Says no one likes uncertainty or volatility
NEW FED CHAIR:
- Daly notes that there has never a huge directional shift with a new Fed chair
- Says Congress sets the Fed’s mandate, Fed’s job is to execute; Fed has to be apolitical
- Says there has always been pressure from Administrations on the Fed
Context
Daly’s remarks underscore a positive outlook on the US economy, suggesting stability in consumer spending, business investments, and the labor market. This implies a potential for the Fed to maintain its current rate path, as anchored inflation expectations may support a steadier policy approach, mitigating volatility concerns both domestically and in financial markets.
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