Federal Reserve Bank of Philadelphia President Patrick Harker:
- Says he supported the steady interest rate stance at latest FOMC meeting
- Fed will stay higher for longer, no sign of near-term rate cuts
- Now is a time to take stock of past rate hikes’ impact
- Next Fed rate choice "could go either way" depending on the data
- Labor market is moving into a better balance
- Unemployment rate to rise to 4.5% in 2024 before falling
- Confident consumers will help achieve a soft landing
- Unclear yet whether consumers have expended spending power
- No recession seen, but growth is likely to cool off
- Inflation steadily falling, to hit 3% in 2024, 2% after
Headlines via Reuters.
Harker tends to be towards the less hawkish end of the Federal Open Market Committee (FOMC) spectrum. He's in the 'higher for long' camp but isn't pushing for further hikes unless the data support.
