Mary Daly on Tape
"I don't feel the pain of inflation anymore. I see prices rising but I have enough... I sometimes balk at the price of things, but I don't find myself in a space where I have to make tradeoffs because I have enough, and many Americans have enough."
Most Insensitive Comment Ever
In case you think that is a misquote, you can play the video yourself.
Fed's Daly says aiming for 'Sustained' Above-Target Inflation
Please consider this December 2020 Reuters flashback: Fed's Daly says aiming for 'Sustained' Above-Target Inflation
“Hitting or exceeding 2 percent inflation for a few months does not mean victory,” Daly said in remarks prepared for delivery at a virtual Arizona State University luncheon. “To fully achieve the goal of price stability, we need to see a sustained period of moderately above-target inflation. Only then will the job be complete.”
I am pleased to report "Job complete. Mission accomplished!"
Q: Why is Mary Daly Smiling?
A: Because she makes makes $427,000, annually. This also explains why she does not feel your pain.
Ben Bernanke 2010 Flashback
"We can raise rates in 15 minutes." But they never do. However, they have on many occasions cut rates between meetings.
Fed policy is asymmetrical. Moving along.
The Current Path
Not a single Fed president, nor the White House, nor Treasury Secretary has forecast inflation.
Get your pillows ready. They all foresee a soft landing.
Meanwhile, I suggest Hello Recession Deniers, It's Already Time to Ponder a Third Quarter of Negative GDP
This post originated at MishTalk.Com.
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