Mary Daly, Interview: CNN

“Well, getting down to 2% and getting some relief for American consumers are different things. So I don’t expect that we’ll get to 2% fully by the end of the year because we have so many supply chain bottlenecks that still have to work themselves out. And COVID’s not left the global economy. We haven’t moved from pandemic to endemic, especially in many countries other than the United States. Those things are going to impinge supply chains, which impinges our ability to get inflation fully back to 2%. But we will see progress. Relief is going to appear as supply chains get some relief, but also as the Fed moves policy to get supply and demand back into balance. So I’m both optimistic that we can get inflation down to much more comfortable levels, and I’m also aware that we don’t have all the tools. Because ultimately, supply chains are really about getting COVID under control, not just Fed policy.”