Fed's Daly: Real impact of Fed hikes likely bigger than what target rate implies – by fx_ross Fed DollarIndex
In prepared remarks for an address to the Orange County Business Council in California, Daly said some researchers have found"the level of financial tightening in the economy is much higher than what the funds rate tells us."Compared to the current target rate, she added,"financial markets are acting like it is around 6%."
"Although one month of data does not a victory make, the latest inflation report had some encouraging numbers, including a long-awaited decline in goods price inflation," she added.Financial markets priced like fed funds rate at 6%, not 3.75%-4.00%.Fed has more work to do when it comes to rate hikes.The US Dollar, as measured by the DXY index, is up 0.85% at the time of writing. The index, which measures the US Dollar vs.
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