A top U.S. central banker on Monday called for using new tools to push up stubbo...
FILE PHOTO - San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. REUTERS/Ann Saphir
“We need to embrace the mindset that inflation a bit above target is far better than inflation a bit below target in today’s economic environment,” San Francisco Federal Reserve Bank President Mary Daly said on Monday in remarks prepared for delivery in Dublin, Ireland. That’s despite low unemployment, 3.6% in January, that economists had expected would push inflation upwards but has not done so.
But without the lever of low unemployment to push up inflation, the central bank is now exploring the possibility of adopting new tools, including average inflation targeting, to coax inflation higher.
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