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

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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