The Wall Street Journal: Mary Daly tapped as San Francisco Fed President to replace Williams

The Federal Reserve Bank of San Francisco said Friday that Mary Daly, its research director, will become its new president on Oct. 1.

She will succeed John Williams, who helmed the institution from 2011 until leaving earlier this year to become president of the New York Fed.

Daly, 55 years old, has worked at the San Francisco Fed since 1996, starting out as a staff economist before rising through the ranks, becoming research director in 2017. She has focused her work on labor-market issues, a timely interest as Fed policy makers struggle to understand why a strong job market hasn’t spurred better wage gains and higher rates of inflation.

She “is one of our nation’s leading authorities on labor market dynamics,” Alex Mehran, chairman of the San Francisco Fed board of directors, said in a statement announcing the selection. “Her research in this area reflects her deep commitment to understanding the impacts of monetary and fiscal policy on communities and businesses at a local, regional and national level.”

An expanded version of this report appears on WSJ.com

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