1. SOUNDBITE (English) Mary Daly, President & CEO, Federal Reserve Bank of San Francisco:
"I am growing more and more optimistic about the recovery in the economy. We had a good footing in January and February, but the vaccination pace has been faster than I thought going into this and the response of consumers and businesses to the newfound freedom has really been remarkable. It tells me that people are ready to reengage and they're spreading out and reengaging as quickly as they can. So this all bodes well for the economy and I remain very bullish about the outlook. As the economy evolves, so does policy and so it doesn't surprise me that as we get better news and more confidence that this is ongoing momentum, that policy will adjust. But again, the dots are now three weeks old, and I wouldn't want to go back in time and think about those. I'm all looking forward. What do I think of policy going forward? And there the real issues are how persistent will the momentum be? Will there be additional risk to come onto our shores from the global economy, still struggling with the pandemic? And can we really keep the great momentum we found and keep that going through the duration of a full recovery? Those are top of mind for me. And of course, we have our dual mandate, full employment and price stability. Right now. I look at inflation. It looks to be coming down after a temporary bump up. But we are far from full employment. So those are still our goals. And policy needs to remain accommodative until we fully achieve them. Right now, I think it's in a good place."
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