Philadelphia Fed President Harker
The highlights from the March 29 speech were:
- interest rate hikes to be deliberate, methodical
- there are some signs of supply chain troubles are finally easing
- sees potential for significant uptick in service sectors states that had toughest pandemic rules
- sees GDP growth declined to 2% – 2.5%
- In 2022 sees inflation at 4%
This deliberate and methodical talk has been doing the rounds and it's tough to square with pricing for 50 basis points. We get the FOMC minutes later and we will be carefully watching for signals about how hotly they debated 50 bps last time.
