Mary Daly on Fed Policy, the Economic Impacts of AI, and the Future of the Fed’s Framework

Mary Daly is the president and CEO of the Federal Reserve Bank of San Francisco, a voting member of the Federal Open Market Committee (FOMC), and is also a 28-year veteran of the Federal Reserve System. President Daly joins David for this special live episode of Macro Musings to talk about her non-linear career path to the world of monetary policy, the long-term economic impacts of AI, the future outlook for Fed policy and the Fed’s framework, and much more.

Transcript for this week’s episode.

Mary’s Twitter: @MaryDalyEcon

Mary’s San Francisco Fed profile

David Beckworth’s Twitter: @DavidBeckworth

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*Facts, Fears, and Functionality of NGDP Level Targeting* by David Beckworth

Timestamps:

(00:00:00) – Intro

(00:01:30) – Mary Daly’s Background

(00:06:09) – Recent Inflationary Trends and the Future of Fed Policy

(00:15:39) – The Trajectory of R-Star Over the Medium to Long-Run

(00:19:06) – The Long-Term Economic Impacts of AI

(00:29:51) – Expectations for the Upcoming Fed Framework Review

(00:33:35) – Prospects for Nominal GDP Targeting at the Fed

(00:36:58) – Fed Policymaking During an Election Year

(00:38:16) – Audience Q&A Period

(01:01:09) – Outro