The San Francisco Fed chief says Silicon Valley is thriving, but “in transitional waters”

More than 260,000 people working in the tech industry were laid off last year, and some CEOs have put at least some of the blame on high interest rates. Policymakers at the Federal Reserve hiked rates at the fastest pace in modern history to beat back inflation. And when rates rise, borrowing money gets more expensive. Marketplace’s Lily Jamali sat down with Mary Daly, president and CEO of the San Francisco Federal Reserve Bank, to discuss how the tech industry is navigating through this higher interest rate world and ask about her agency’s role in the Silicon Valley Bank collapse, one year later.