Fed’s Daly says not time for taper, still far from goals
San Francisco c Bank President Mary Daly on Thursday said the U.S. economy is still far from making “substantial progress” toward the central bank’s goals of 2% inflation and full employment, and from any need to reduce the Fed’s support for the economy.
“We are not there yet,” Daly told the Money Marketeers of New York University, noting there are millions of Americans still out of work, and that though prices are expected to rise temporarily in coming months, inflation is still “far” from sustainably reaching the Fed’s goal.
Wall Street Aims High At Open
A surge in coronavirus cases continues to be a concern.
As of 8.05 am ET, the Dow futures were adding 165.00 points, the S&P 500 futures were up 23.75 points and the Nasdaq 100 futures were progressing 115.25 points.
The U.S. major stocks finished lower on Wednesday. The S&P 500 also slid 16.93 points or 0.4 percent to 4,124.66 after reaching a new record intraday high in early trading.
On the other hand, the Dow pulled back well off its best levels of the day but still closed up 53.62 points or 0.2 percent at 33,730.89. The blue-chip index also set a new record intraday high before giving back ground.
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FILE PHOTO: Mary Daly, President of the Federal Reserve Bank of San Francisco, poses after giving a speech on the U.S. economic outlook, in Idaho Falls, Idaho, U.S., November 12 2018. REUTERS/Ann Saphir./File Photo
(Reuters) - San Francisco Federal Reserve Bank President Mary Daly on Thursday said the U.S. economy is still far from making “substantial progress” toward the central bank’s goals of 2% inflation and full employment, and from any need to reduce the Fed’s support for the economy.
“We are not there yet,” Daly told the Money Marketeers of New York University, noting there are millions of Americans still out of work, and that though prices are expected to rise temporarily in coming months, inflation is still “far” from sustainably reaching the Fed’s goal.
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The End Of LIBOR: Transitioning To An Alternative Interest Rate Calculation For Mortgages, Student Loans, Business Borrowing, And Other Financial Products, Mark Van Der Weide, General Counsel, Before The Subcommittee On Investor Protection, Entrepreneurship, And Capital Markets, Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.
The End Of LIBOR: Transitioning To An Alternative Interest Rate Calculation For Mortgages, Student Loans, Business Borrowing, And Other Financial Products, Mark Van Der Weide, General Counsel, Before The Subcommittee On Investor Protection, Entrepreneurship, And Capital Markets, Committee On Financial Services, U.S. House Of Representatives, Washington, D.C. Date
14/04/2021
Chairman Sherman, Ranking Member Huizenga, and members of the subcommittee, thank you for the opportunity to appear today. My testimony will discuss the importance of ensuring a smooth, transparent, and fair transition away from LIBOR (formerly known