📰 FED’S DALY: REAL-WORLD IMPACT OF FED RATE HIKES LIKELY HIGHER THAN WHAT CURRENT RATE TARGET IMPLIES DALY: FINANCIAL MARKETS PRICED LIKE FED FUNDS RATE AT 6%, NOT 3.75%-4.00% DALY: FED MUST BE MINDFUL OF RISK OF TIGHTENING POLICY TOO MUCH