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“Of course, as a human, you care about the pain other countries are experiencing — but as a policymaker, I have a single tool,” Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said in an interview on Tuesday. “It’s a blunt tool, even for the U.S. goals of full employment and […]

“We’re data dependent. When the data shows what we need to see, then we will downshift,” Daly said Wednesday in an interview at Bloomberg headquarters in New York.

“The most important thing I want all your listeners to know is that the Fed is never on a preset course, where we’re going to do this no matter what – we always take incoming information.”

“Our No. 1 priority is to get inflation down. American consumers, businesses are suffering with high inflation, which is eroding their lives and livelihoods. That is why we’ve taken a very rapid pace of increases — to bridle the economy, get demand back in line with supply and give relief on the inflation front.”

“My job and the job of all the teams who work with me is we need to get out and talk to people because ultimately the policies we make are for everyone who lives in our communities.”

“We understand that people need jobs, but they also need prices not to rise so dramatically month by month.”

“The job market is strong. Inflation is too high. The Federal Reserve is committed to using its tools to bring the economy back to a sustainable path, where people don’t have to wake up every morning worrying about whether their real wages are eroding.”

“That indignity of inflation is what’s really cruel about inflation — it hurts people who have less, it hurts them more,” Daly said. “And it has that sense that you’re trying as hard as you can and you still can’t make it.”

“There’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal.”