San Francisco Fed's Daly sees possible U.S. rate hike above 3%

The U.S. Federal Reserve may be forced to raise its benchmark interest rate above 3% later this year to control inflation, said Mary Daly, president of the San Francisco Fed, in an interview with U.S. television network CNN. The Federal Open Market Committee, or FOMC, which is the body responsible for dictating monetary policy in the United States, "may need to go…