Last Thursday, we had the privilege of hosting Mary Daly, president and CEO of the San Francisco Fed, at Mercatus to be a part of a live recording for Macro Musings. Macro Musings is a weekly podcast series produced by Mercatus that offers a closer look at important macroeconomic issues of the past, present, and future. The show is hosted by Mercatus Center scholar David Beckworth.
President Daly had all sorts of interesting things to say about the Fed, monetary policy, and the banking sector. But I thought one of the most captivating parts of the discussion was her reflections on her unique career arc; she went from driving a donut truck to becoming presidentof the San Francisco Fed.
I have had a very different path, but I reject the idea that it was crooked. Maybe it was exactly the way it was supposed to be…all kinds of people, but especially young people, think that they need a linear path, and that is the right path, and any movement off of a linear path is a mistake, a failure, a stop-and-go, and that's completely wrong.… You get where you are because of things, so treat each of the little things you do, even if they seem sideways or backwards to others, as an integral part of who you're going to become, how you will lead, how you will contribute.
But she also had lots to say about inflation and future Fed policy. One phrase that stuck with me was "Inflation's going to be a bumpy ride." She was referring to the recent stickiness in inflation data over the past three months. She didn’t want us declaring victory too soon, even when inflation showed signs of rapid deceleration in the latter half of 2023. As for Fed policy, Daly emphasized the Fed’s data-driven approach while being committed to getting inflation under control regardless of any ‘bumpiness.’
Zoning has shut down mercy ministries. We can fix that. Local and state policymakers can create new housing opportunities by enabling residential uses in commercial districts and on land owned by faith-based organizations.
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