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10/22, 5:06 PM (Source: TeleTrader)
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Fed's Daly: Inflation levels higher than expected

President of the Federal Reserve Bank of San Francisco Mary Daly stated on Friday that inflationary levels are higher and lasted longer than expected.

Daly noted that some inflation readings are "eye-popping high," adding that the majority of the inflation hike is driven by the pandemic. Furthermore, she asserted that nobody can predict where inflation will be next year.

On the topic of interest rate hikes, Daly said that the Fed may raise the interest rate if the high inflation levels persist next year. However, she said that moving to preempt a longer inflation surge carries with it a big risk, possibly costing the economy and jobs.

Breaking the News / OL