Daly Says Federal Reserve 'Far From Done' on Bringing Inflation Down

The transcript discusses the Federal Reserve's ongoing strategy to combat inflation through rate hikes, emphasizing the need for data-driven decisions. Key figures like Mary Daly and Michelle Bowman express openness to significant rate hikes until inflation shows a sustainable decline. Upcoming economic reports, such as the CPI and jobs report, are crucial in determining future rate hikes. The transcript also highlights the impact of wages on inflation and the potential risks of halting rate hikes prematurely, drawing historical parallels to past economic policies.

What does the term 'wage price spiral' refer to in the context of inflation?

What concerns did Larry Summers express regarding the Federal Reserve's approach to rate hikes?