Mary daly meme boxing

  • It’s time to move away from extraordinary support
  • Timing and magnitude of rate hikes and balance sheet adjustment will depend on economy and data
  • Appropriate to begin adjustment in March, absent any surprises
  • Focus for next few years will be bringing inflation
  • We need to keep in mind pre-pandemic challenges including too-low inflation

We’ve heard this line of thinking from Daly before. There’s nothing here to strongly indicate 25 bps or 50 bps though you would think there would be a bit more urgency if 50 was a real consideration for her.


  • Rates will be moving up this year
  • We are on a path toward an economy with tighter monetary policy
  • I expect we will start raising rates in March then in subsequent meetings to get closer to neutral