Mary Daly is President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Speaking at the RBNZ / IMF conference in New Zealand.

  • she is 'biased' toward running economy hot, given low inflation, uncertainty over 'full employment'
  • says persistently undershooting Fed's 2% goal is worrisome
  • 'make-up' strategy on meeting inflation goal could help counter inflation underruns
  • 'hot' US labor market disproportionately benefits disadvantaged groups
  • overly tight labor market could encourage decisions that could harm long-term economic growth
  • corporate debt doesn't pose 'acute' financial stability risk, but watching closely
  • says Fed may want to consider countercylical capital buffer if financial vulnerabilites increase
Mary Daly is President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Speaking at the RBNZ / IMF conference in New Zealand.