Fed-Präsidentin Daly: Weitere Straffung der Geldpolitik wird wohl nötig sein

Rymond Inc · 2026-11-13T05:06:17.000Z

Mary C. Daly, Präsidentin der Federal Reserve Bank of San Francisco, die 2026 kein stimmberechtigtes Mitglied des Offenmarktausschusses der Federal Reserve (FOMC) ist, weil San Franciscos turnusmäßige Beteiligung an der Abstimmungsliste erst 2027 ansteht, sagte, sie gehe davon aus, dass eine weitere Straffung nötig sein werde. Sie sprach am Donnerstag am Stanford Institute for Economic Policy Research und stellte klar, dass die Fed Zeitpunkt und Umfang etwaiger Maßnahmen nicht sofort festlegen muss. Ihre nächste Entscheidung steht am 9. Dezember an. Daly begründete diese Haltung mit der Inflation. Schocks könnten sich verstärken, warnte sie, und die Fed dürfe nicht selbstzufrieden sein. Die Inflation greife auf den Dienstleistungssektor über, und wenn die Dienstleistungsinflation erst einmal steige, sei sie hartnäckig. Die Fed müsse sich darauf konzentrieren, sie zu senken. KI sei ihrer Ansicht nach nicht der Hauptverursacher.

Mary C. Daly, President of the Federal Reserve Bank of San Francisco, who is not a voting member of the Federal Open Market Committee (FOMC) in 2026 because San Francisco’s turn on the rotating voting list comes in 2027, said her bias is that further tightening will be needed.
She spoke Thursday at the Stanford Institute for Economic Policy Research and made clear the Fed does not have to settle the timing and size of any move right away, with its next decision due Dec. 9. 
Daly tied that stance to inflation. Shocks can compound, she warned, and the Fed cannot be complacent. Inflation is bleeding into services, and once services inflation rises, it is sticky. The Fed must focus on bringing it down. AI, she argued, is not the main culprit. 
There is an inflation problem, but AI is not doing most of the driving. Still, she sees no doubt about AI-fueled price pressures and flagged a risk that AI could contribute more to inflation. Hiring faces a different squeeze. 
Daly called it a perfect storm, with AI, uncertainty, and rising input costs all dampening hiring, though she said AI is having a limited impact on the labor market. On the supply side, she sees positive momentum for productivity growth, with a lot of work underway and more gains possible within the next one to three years. 
Fighting inflation now, she said, does not mean ignoring the potential for productivity growth to be disinflationary. Daly also addressed AI valuations. She has seen repricing, but she said it is not the unwinding of interest or enthusiasm, and it suggests no risk to growth. The economy, she added, is being driven by a technology boom.
Key Quotes:Monetary PolicyBias is that further tightening will be needed
Must focus on bringing inflation down
InflationInflation shocks can compound; cannot be complacent
Inflation is bleeding into services
Once services inflation rises, it is sticky
AI & InflationThere is an inflation problem, but AI is not doing most of the driving
‘No doubt’ of AI-fueled price pressures
There is a risk AI could contribute more to inflation
Labor MarketWe are in a perfect storm for hiring
AI, uncertainty, and rising input costs are all dampening hiring
AI is having a limited impact on the labor market
AI & ProductivitySees positive momentum for productivity growth
A lot of work being done; might see more productivity growth within next 1-3 years
Having to fight inflation problem now does not mean ignoring potential for productivity growth to be disinflationary
AI Investment & ValuationsHave seen repricing in AI valuations, ‘but it’s not the unwinding of interest or enthusiasm’
Repricing in AI valuations suggests there’s not a risk to growth
Deep AI pipeline that continues even if it slows
Growth & EconomySees a stable labor market, positive growth and productivity growth, and high inflation
Economy is being driven by a technology boom