Federal Reserve Bank of San Francisco President Mary Daly said on Friday that the latest Omicron wave will extend the time period that inflation will remain high. 

Additional Remarks: 

“Covid is the main reason for high inflation.”

“We need to unwind the Covid-induced inflation boom to get supply and demand into better balance.”

“We have to adjust policy to ensure we achieve price stability.”

“Slowing the economy a little bit with rate hikes will help bring demand down into better line with supply.”

“We want to bridle the economy a little bit.”

“It is appropriate for the Fed to bring inflation down.”