San Francisco Fed President Mary Daly said on Sunday that there will be “ups and downs” in the job market recovery, as “Covid is not behind us”. She admitted that “Delta has taken a toll” but remained upbeat that “it hasn’t yet derailed us”.
“It’s too soon to say it’s stalling, but certainly we’re seeing the pain of COVID and the pain of the Delta variant impact the labor market,” she said.
“I don’t have a different view than I had on it when we first started. It’s going to be hard and as goes Covid, so goes the economy,” she added.
Daly also said, “everyone is feeling the rising prices” for energy, good and basic services. “This is really hard. And it’s also really directly related to Covid. It’s related to the supply bottlenecks, to the disruptions. But I don’t see this as a long-term phenomenon.”
