A chat with the president of the San Francisco Fed

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 18 January 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today, a conversation with Mary Daly, president of the Federal Reserve Bank of San Francisco. Her family faced the pain of high prices and a turbulent economy decades ago, so she dropped out of high school to earn money. That experience, she says, helps guide her today, as the Fed tries to bring down inflation without sparking a recession.

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Transcript

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0:00.0	NPR.
0:03.4	Mary Daly remembers her parents struggling with inflation decades ago.
0:16.9	You know, I still feel the feelings I could still get them at the top of my mind, the feelings
0:22.7	I had growing up.
0:23.7	They were about watching my parents.
0:26.4	They would put the card table up in the living room and they would sit around it and they
0:31.0	would work through the bills.
0:32.6	And the stacks of bills were high and inflation was making more costly, so they would start
0:36.3	sorting out.
0:37.5	How can we pay?
0:38.5	What would we do?
0:39.5	How can we manage this?
0:41.0	And the stress I saw in their faces when they did that just kept increasing.
0:45.9	And you know, that's my first understanding of inflation on people.
0:50.2	An inflation is still front of mind for Mary Daly.
0:53.5	She's now the president of the Federal Reserve Bank of San Francisco.
0:57.3	This is the indicator from Platinum Money.
0:59.7	I'm Darian Woods.
1:00.7	To down the show, a special conversation with Mary Daly, why inflation got out of hand
1:06.1	and what kind of hard decisions she and her colleagues fed will face this year as high
1:11.0	interest rates start to bite.
1:16.7	When you think about the backgrounds of senior leaders at the Fed, you probably think prep
	...

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