San Francisco Fed president, Mary Daly, remarks in an interview
- Optimistic about the fall and ongoing developments
- Appropriate to start discussing dialing back the level of accommodation
- The starting point for that is QE purchases
- Tapering could start as soon as this year
- Jobs progress is moving towards Fed's full employment goal
This is consistent with her remarks from last week, in which she mentioned that the Fed "will most likely be in a position to taper later this year" or if not, early next year.
Her views here echo that of what we heard from George and Kaplan yesterday, though Barkin seems to be taking a different approach for the time being. The dollar is little changed on the above but it is coming at a time of the day where things are quieter.
