Transcript: WSJ Interview With San Francisco Fed President Mary Daly

Federal Reserve Bank of San Francisco President Mary Daly was interviewed by The Wall Street Journal’s Michael S. Derby on Thursday, Feb. 14, 2019. She discussed her outlook for interest rates and the economy, the winding down of the Fed’s bond portfolio, and reasons why a tight labor market hasn’t fueled stronger wage growth and higher inflation. Here is a transcript of the interview, lightly edited for clarity.

MICHAEL DERBY: So, yeah, I usually start out these interviews by asking just, you know, it’s the start of the year,...