post: FED'S DALY: 3% RATE MAY BE AROUND NEUTRAL post: FED'S DALY: **NOTES INFLATION'S RETREAT HAS BEEN BROAD BASED **FUNDS RATE A LONG WAY FROM WHERE IT'S LIKELY TO SETTLE **LIKELY NEUTRAL RATE IS HIGHER THAN IT ONCE WAS post: FED'S DALY: WON'T BE SURPRISED BY MESSY ECONOMIC DATA

post: FED’S DALY: FED MONETARY POLICY STILL RESTRICTIVE, WORKING TO LOWER INFLATION || CONTINUED PROGRESS ON FED GOALS NOT ASSURED, FED MUST REMAIN VIGILANT FED’S DALY: FED MUST DELIVER 2% INFLATION WHILE KEEPING JOB MARKET AT FULL EMPLOYMENT || RISKS TO FED JOB, INFLATION MANDATES…Landing Softly Is Just the Beginning Good morning. It’s great to be in New York again and to have the opportunity to speak with you about the economy and monetary policy. I very much appreciate the invitation, and I look forward to a lively discussion. Now, instead of starting with monetary policy, I’m going to begin with a story. Last week, I was walking in my neighborhood. A young father, with a stroller, a toddler, and a dog called out to me. He had a question. “President Daly, are you declaring victory?” I immediately said no. The Federal Open Market Committee (FOMC) won’t be satisfied until inflation is at our 2 percent goal. But as it turns out, that wasn’t what h