June 21, 2019 / 10:29 PM / a month ago

Fed's Daly says marginalized groups benefit from hot economy

FILE PHOTO: San Francisco Federal Reserve Bank chief of research Mary Daly stands near the podium before a speech at the CFA Society in San Francisco, California, U.S. July 10 2018. REUTERS/Ann Saphir/File Photo

SAN FRANCISCO (Reuters) - San Francisco Federal Reserve Bank President Mary Daly said on Friday her visits to some poorer zip codes in the western United States have shown her that people with fewer resources and education stand to benefit the most from a hot economy.

She was speaking with reporters after the launch of a series of podcasts.

Daly’s remarks pushed back against an argument sometimes used to fault easy monetary policy - that by lowering interest rates, a central bank may increase income inequality by boosting assets like stocks that are more widely held by people with higher incomes.

Reporting by Ann Saphir; Editing by Richard Chang

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