The Federal Reserve still has a lot of work to do before it gets inflation under control, and that means higher interest rates, San Francisco Fed President Mary Daly said Tuesday. «People are still struggling with the higher prices they're paying and the rising prices,» Daly said during a live LinkedIn interview with CNBC's Jon Fortt. «The number of people who can't afford this week what they paid for with ease six months ago just means our work is far from done.» So far this year, the central bank has raised its benchmark interest rate four times, totaling 2.25 percentage points.
That has come in response to inflation running at a 9.1% annual rate, the highest level since November 1981. The Fed in July raised its funds rate 0.75 percentage point, the same as it hiked in June.Read more on cnbc.com