San Francisco Fed President Mary Daly (pictured) said Friday that inflation is not only “toxic,” but the risk of its persistence remains on the “upside.” There is a “long way to go” before the Fed can reach its 2% inflation and full employment targets, which means the Fed will continue until the “job is well and truly done,” Daly added at a virtual event at the American Enterprise Institute. Her assessment of the matter comes days after the Fed raised its key interest rate by 50 bps. The same day United States Federal Reserve Chair Jerome Powell stated that the full effects of the monetary policy tightening are yet to be felt and that there’s “more work to do.” NN: And hope the FED was about to ease off raising rates has been dashed. The Dove becomes a hawk, Daly and the board must have seen some data that scared the shit out of them. I think something is about to break.. As in a financial market shock. I can feel it in my bones.