Fed's Daly: Temporary pickup in inflation readings above 2% expected this summer

San Francisco Federal Reserve President Mary Daly noted on Wednesday that she sees the economy rebounding but added that they will not be able to quickly dig themselves out of the "job-loss hole," as reported by Reuters.

Additional takeaways

"Expecting a temporary pickup in inflation readings above 2% this summer."

"It will take another year or two to get to 2% inflation sustainably."

"We are far from a point where either of the constraints on the Fed's balance sheet size are binding."

Market reaction

The US Dollar Index largely ignored these comments and was last seen posting small daily gains at 92.35.