Fed's Daly sees need for 'higher for longer' interest-rate policy

Bumpy progress on lowering inflation means that interest rates will likely need to be raised further and stay higher for longer, San Francisco Federal...

Bumpy progress on lowering inflation means that interest rates will likely need to be raised further and stay higher for longer, San Francisco Federal Reserve President Mary Daly said on Saturday.

U.S. inflation has come down from its high last summer but “the work is far from done,” Daly said, in a speech at Princeton University. The San Francisco Fed president did not say how high interest rates needed to go or how long she thought they should remain high.

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