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Feb. 16, 2021, 3:55 p.m. EST

Fed's Daly says runaway inflation isn't around the corner

Investors shouldn't worry that there will suddenly be an outbreak of higher inflation, said San Francisco Fed President Mary Daly on Tuesday. "There is a concern out there...that we are spurring unwanted inflation," Daly said during a talk at the University of San Francisco. "I am not thinking that we have unwanted inflation around the corner," Daly said. If inflation should suddenly rise, the Fed is "very very good and practiced" at keeping inflation down at 2%. "I do think we should be less fearful about inflation around the corner and recognize that fear costs millions of jobs," added Daly, who a voting member of the Fed's interest-rate committee this year.

Link to MarketWatch's Slice.