Earlier from Daly:

Even more now:

  • need ‘a little more urgency’ on moving interest rates up
  • should start with a quarter-point interest rate hike in March, too early to call for half-point hike
  • down the road can decide if half-point hikes are necessary
  • have adjusted stance to call for more tightening as inflation has broadened, labor supply hasn’t recovered, supply chains still disrupted
  • should get balance sheet reduction underway earlier, not later in the year as had previously thought
  • raising rates by a quarter point every other meeting ‘doesn’t satisfy the moment’
  • we need to get policy in line with economy, but we can’t be ‘impatient’ about doing it all today

Headlines via Reuters

OK, so Daly confirms she is in the quarter point hike in March camp. Daly tends to be reflective of Powell’s views, so I guess 25bps is it.

The Federal Open Market Committee March meeting is on the 15th and 16th.