Fed’s Daly Sees US Inflation at 2 Percent Goal in 5 Years

San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, on Oct. 15, 2019. Ann Saphir/Reuters

San Francisco Federal Reserve President Mary Daly on Wednesday said it’s unlikely inflation will fall to 2 percent this year, but she does expect it to start dropping and to be at the Fed’s 2 percent goal in five years.

“There’s just too many supply chain bottlenecks, we’re already through the first quarter, China’s got COVID we’ve got the war in Ukraine, so I don’t think we are going to get 2 this year, but I do think we are going to start coming down,” Daly said after a speech at the University of Nevada in Las Vegas.