Mary Daly San Francisco Fed meme

Why wouldn't you want to proactively think about a multi-trillion dollar balance sheet?

In any case, Daly is a soldier not a general. She's a vote or a mouthpiece when Powell needs one. Here's what else she's saying:

  • We we will communicate as we get closer to balance sheet endpoint
  • Maybe start talking about balance sheet runoff ending in 2024
  • Does not see a recession