Fed's Daly: need both impatience and patience to solve racial justice, other problems

FILE PHOTO: San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, California, U.S., October 15, 2019. REUTERS/Ann Saphir

(Reuters) - San Francisco Federal Reserve Bank President Mary Daly said Monday that to tackle long-term problems like racial justice and climate change the U.S. central bank must be both impatient and patient.

“Fiercely impatient to get the problem solved, but patient enough to take incremental steps: build it up brick by brick by brick,” Daly told a virtual Central Bank of the Future conference put on by the University of Michigan. “As central banks ... those are the two simultaneous things that I don’t think are contradictory, I think they are complementary, and we are going to have to think like that to be, in my opinion, if we are really going to be what I consider best in public service.”

Reporting by Ann Saphir; editing by Jonathan Oatis