Last week Mary Daly was selected to head the San Francisco Fed. The only other woman to hold this post went on to head The Federal Reserve System.*
Daly trod a circuitous path to her new job.
At 15, she quit high school and drove a doughnut truck. By 16 she was living on her own working two jobs to make ends meet.
Never graduating from high school, Daly got her GED instead.
Sixteen years after her final doughnut delivery, she earned a PhD in Economics from Syracuse.
Writing on such heady topics as “the secular decline in employment of low-skilled workers,” Daly is an authority on labor markets and wages.
A colleague remarked “she knows what it’s like to live paycheck to paycheck, to be intimidated by going to college...[she has an] everydayness about her....”
Besides her unconventional background, Daly is the first female openly-gay regional Fed president. Her appointment will bring the current tally of female presidents to three of 12.
Here at Quish Co, we think that's something to celebrate.
Weekly Update through September, 14 2018 The S&P 500 added 1.21%, even as the Dow Jones increased 94bps, the Russell 2000 gained 54bps, and the Nasdaq jumped 1.36%.
As for US bonds, they lost -11bps.
Globally, the MSCI World Index added 1.40% and the Barclays Global Aggregate Bond Index increased 2bps.
The Euro Stoxx 50 added 1.56% in local-currency (Euro) and 2.23% in USD.
Meanwhile, the Topix gained 2.63% local-currency (Yen) and 1.70% in USD.
