Fed’s Daly: Does not see a pressing need to give further forward guidance on rate path

Fed’s Daly: Does not see a pressing need to give further forward guidance on rate path.

Key statements

• New framework goes a long way to signal accommodative policy until inflation averages 2% and shortfalls on employment are offset.
• Right now long rates are aligned with fed policy expectations; would use more forward guidance if expectations became misaligned.
• Expects labor market to improve only in fits and starts until COVID is behind us.
• Does not want to be constrained by a rule on average inflation targeting.