By WSJ Fri., Feb. 15, 2019 Federal Reserve Bank of San Francisco President Mary Daly was interviewed by The Wall Street Journal’s Michael S. Derby on Thursday, Feb. 14, 2019. She discussed her outlook for interest rates and the economy, the winding down of the Fed’s bond portfolio, and reasons why a tight labor market hasn’t fueled stronger wage growth and higher inflation. Here is a transcript of the interview, lightly edited for clarity. MICHAEL DERBY: So, yeah, I usually start out these interviews by asking just, you know, it’s the start of the year, seems like a good time to kind of go over your outlook for the year and what you’re thinking about – you know, what you see as likely for – can’t believe I’m saying – 2019. MARY DALY: 2019. (Laughter.) MR. DERBY: Yeah. So, obviously, we’re at a time it seems like things are kind of in flux. So what are – how are you looking at 2019, you know, as an economic story right now? MS. DALY: Sure. So the way I look at it is first you start – the job growth has just been nothing short of astounding. I don’t think any… Read full this story
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