Federal Reserve Bank of Philadelphia President Patrick Harker:
- says Fed need to get funds rate above 5%
- Fed policy is nearing 'end game', its good to approach the terminal rate slowly
- there are still upside risks for inflation
- says he is getting more confident that the Federal Reserve is getting demand levels under control
- its is going to take a while before the Federal Reserve eases rates, such a move will be data dependent
Earlier:
Fed's Harker reiterates support for shifting to 25 bps increments
Long story short seems to be slower but still higher for rate hikes. Then high rates will persist. Little wonder stocks & risk assets/FX more generally got the jitters today.