Mary Daly, president of the San Francisco Fed, said additional monetary tightening will probably be necessary to bring inflation under control. The timing and extent of any rate increases remain uncertain. In October, the U.S. economy added 165,000 jobs, while unemployment edged down to 4.1%, substantially outperforming Wall Street expectations. Average hourly earnings rose 3.1% year over year, while the September consumer price index increased 3.7%. The Fed raised its benchmark rate by 25 basis points in September before holding rates at the following meeting to accumulate more information.
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