of San Francisco, was interviewed on Face of the Nation and said there are "signs that the economy is cooling, it just is going to take some time for the interest rate adjustments we've made to work their way through."MARGARET BRENNAN: We turn now to the state of the economy and the president of the San Francisco Federal Reserve Bank, Mary Daly.
There's help wanted signs all over the place. People can find multiple jobs if they want them. Search times for jobs aren't that long. So I think the labor market is continuing to deliver. It just tells me that people want to work and that people want to hire.MARGARET BRENNAN: But does it still -- or does it indicate that recession is not where we are or where we're going?
How concerned are you that that shows inflation is really becoming embedded in the economy in a way that is really going to force your - your colleagues at the Fed to continue to have to hike rates? The Fed is really well-positioned to bring demand down. And we already see the cooling forming in the housing market, in investments. So, I do see signs that the economy's cooling. It just is going to take some time for the interest rate adjustments we've made to work their way through.
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