SF Fed President: Inflation Means People ‘Can’t Afford the Things They Could Afford Last Month’

On Tuesday’s broadcast of “CNN Newsroom,” San Francisco Federal Reserve President and CEO Mary Daly stated that “people already are suffering. They’re suffering from the toll, the indignity of high inflation.” And people “can’t afford the things they could afford last month.”

Daly said, “So, the first thing that I think we need to recognize is that people already are suffering. They’re suffering from the toll, the indignity of high inflation. They earn their living, they go to the store, and they can’t afford the things they could afford last month. So, that’s a suffering that’s already present. And what the Federal Reserve has said, and we are committed to this, we are committed to getting inflation down and reducing the pain that so many families are already experiencing. Now, we do that by raising interest rates, of course, and those interest rate increases slow the economy, and they do have spillover effects on currencies in other countries. But central banks, no matter where you are, are meant to create policy for the nation that they serve. And then we have to be aware of how this affects the global economy because that’s part of the puzzle.”

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