Fed’s Daly: Irregularities in inflation data so far this year don’t inspire confidence

• Recent inflation figures are more encouraging, but difficult to assess at the moment whether they are on the right track to achieve price stability.
• We’ve made a lot of progress on inflation, there’s still work to do
• Closer to a point where a favorable labor market outcome might be less likely
• Must fully restore price stability without painful disruption to the labor market
• If inflation falls more slowly than expected, the policy rate will have to stay higher for longer
• If there is a gradual decline in inflation and a slow rebalancing of the labor market, the Fed will normalize over time
• Right now we have a good job market, not a frothy one

Even this dove is not yet thinking of reducing rates. There will be a question-and-answer session following the speech.