The Federal Reserve faces an inflation rate stubbornly above its 2% target and a surprisingly resilient job market. On top of that, the Fed is confronting two major challenges in the banking system in the wake of the failure of three big banks. One, there is intense scrutiny by Congress and others of the quality of the Fed’s supervision of banks. Two, there are concerns that banks across the country are conserving capital by lending less, a credit crunch that could amplify the negative effects of the Fed’s rate increases on economic growth.
On July 10, two weeks before the next meeting of the Fed’s interest rate-setting Federal Open Market Committee (FOMC), Mary Daly, president and CEO of the San Francisco Fed, will discuss those and other issues at the Hutchins Center on Fiscal and Monetary Policy at Brookings, in conversation with Hutchins Center Director David Wessel. Daly, a labor economist by training with a Ph.D. from Syracuse University, joined the San Francisco Fed in 1996 and was appointed president in 2018. She will be among the five regional Federal Reserve bank presidents with a vote on monetary policy on the FOMC in 2024. The San Francisco Fed’s district encompasses nine western states with more than 20% of the nation’s population.
Online viewers can follow along with the conversation and submit questions on Twitter using the hashtag #MaryDaly or via email to email@example.com.
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