San Francisco Fed President Daly: We don't want to hurt the economy

San Francisco Fed President Mary Daly said the Fed is "determined" to bring down high inflation, but does not want to put the economy in a difficult position or in a recession. Speaking at a symposium organized by the Monetary Authority of Singapore, Daly said, "We need to navigate this environment of high inflation as carefully as we can. That's the only way we don't do long-term damage to our labor market." Stating that there is a consensus that half of the excessive inflation in the U.S. comes from excessive demand, Daly said, "Our hope is to bring down demand and solve supply issues. We may need to do a little more on demand because supply is lackluster for recovery."