San Francisco President Mary Daly she’s “bullish on the rebound” of the economy. Yet, “we have a long way to go before the job is complete.” She expects a small pick-up in inflation this year. But like many other Fed officials, she expected the pick-up to be transitory.
On monetary policy, she said, “we said substantial further progress, we have to see it, we don’t have to expect it, we have to see it”, before considering stimulus exit. For now, “you still see real pockets of weakness, real pockets of concern.”
