Fed’s Daly says ‘long and painful correction’ for economy isn’t in the cards just because inflation is high

The U.S. economy doesn’t have to experience a severe recession like the late 1970s and early 1980s just because inflation has returned to 40-year highs, San Francisco Fed President Mary Daly said Wednesday.  “Now inflation is high again and many are concerned that we could soon be facing another long and painful period...