Mary Daly, Interview: Face the Nation

“What I see is supply and demand are just unbalanced. About 50% by my own staff’s estimates of the excess inflation we see is related to demand. The other 50% is supply. The Fed is really well positioned to bring demand down and we already see the cooling forming in the housing market and investment. So I do see signs that the economy’s cooling. It just is going to take some time for the interest rate adjustments we’ve made to work their way through and we are far from done yet.”