Federal Reserve Bank of San Francisco President Mary Daly reiterated on Monday that she is not comfortable with inflation as high as it is and that she does see a rate hike as soon as March. 

Additional Takeaways:

"Balancing the Fed's two mandates is always the challenge." 

"The US economy is getting to a more self-sustaining path."

"Supply chain bottlenecks are pushing prices up."

"When trying to get the economy to a self-sustaining path have to be gradual, and not disruptive."

"We are not behind the curve at all."

"In December, no Fed policymakers thought rates would go above terminal rate by end of the cycle."

"What we see today is broad-based price pressures."

"Demand and supply imbalance is pushing prices up and the Fed needs to act."

"There is no preset course for Fed policy... there are a lot of risks."

"If the economy progresses as I expect, it is clear it can stand partially on its own two feet."

"The Fed doesn't need to keep providing extraordinary accommodation."

"It's appropriate to remove accommodation."

"You don't want to ratchet up the rates so quickly that it bridles growth too much."

"We hope that supply chains repair and fiscal aid is rolling off."