WASHINGTON—High U.S. inflation may get even higher before subsiding in the face of Federal Reserve action and as supply chain strains recede, San Francisco Federal Reserve Bank President Mary Daly said on Tuesday.
“We could have it be worse before it gets better but it is definitely going to get better,” Daly told CNN, adding that even so she doesn’t expect inflation to have fallen to 2 percent by the end of the year. Consumer prices rose 7 percent last year, eating into American paychecks.
