Daly on CNBC
- I really do see these price rises as temporary
- Let's get through this volatile period so we can see where the economy really is
- Cites used cars and tourism as one-off factors
- Long-term inflation expectations are steady
- Policy is in a great place right now
- I'm really confident we're going to have a strong fall
- It is appropriate to talk about tapering
- It's premature to talk about rate increases
- We need to see how much closer we can get to full employment before we start talking about rate hikes
- We'll be in a good position to taper at year end or early next year
Here are the Fed inflation projections from March and December. Show me where high inflation was 'expected'. They're up to 3.1-3.5% on the central tendency now. How much higher to come?
