Mary Daly, Speech: This Time Is Different…Because We Are

“The timing and magnitude of future funds rate and balance sheet adjustments will depend on how the economy and the data evolve. And this will depend on how well we transition from pandemic to endemic; how much and how quickly supply chains recover; how rapidly workers sidelined by health, family care, or other COVID-related barriers return to the labor force; and how quickly the fiscal boost that aided spending in 2020 and 2021 fades. We will closely watch all of these developments and let the data determine the appropriate path of policy.”

“Absent any significant negative surprises, I see our next meeting, in March, as the appropriate time to begin this adjustment.”