Mary Daly is head of the San Francisco Federal Reserve branch
  • Expect inflation to end next year closer to 3% than 2%
  • Have to be prepared for inflation to be more persistent than we expect
  • I see more rate increases as necessary
  • I see us raising rates, hlding them there until we get inflation close to 2%
  • Still seeing about 50% of inflation coming from demand

It's hard to take any of these forecasts at face value given the Fed's track record, especially since the pandemic.