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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.
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