May 14, 2019 / 11:40 PM / a year ago

Fed's Daly says goal is inclusive growth that grows jobs in the long run

FILE PHOTO: San Francisco Federal Reserve President Mary Daly poses for a photo after a speech at the Commonwealth Club in San Franciso, California, U.S., March 26, 2019. REUTERS/Ann Saphir

(Reuters) - San Francisco Federal Reserve Bank President Mary Daly said on Tuesday that she wants to create inclusive growth that can expand potential employment in the future, not just to maximize how many people have jobs now.

Daly said at an event Northwestern University in Illinois that - while U.S. economic growth does not look as sluggish as it otherwise might appear, given an aging population and the scars of the 2008 financial crisis - people participate in the U.S. labor market at rates lower than in other industrialized countries.

The Fed is currently engaging in a broad policy review that may see the central bank tweak how it works to deliver jobs and stable prices. Daly has warned that the Fed consistently missing its 2% inflation target can create as many problems as exceeding it. But she has said that any policy changes would face a high bar.

Reporting by Trevor Hunnicutt in New York; Editing by Sandra Maler

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