Harker is a nonvoting member in 2019 but will be a voting in 2020.
- We are not out of sync with other economies
- Fed is pretty much where we need to be
- Fed needs to do what is appropriate for the US
- Rates cannot get too far away from other global rates
- Fed is roughly where neutral is
- He does not see case for further easing
- We should stay here for a while, see how things play out
- I was somewhat reluctantly supported the rate decrease
- The yield curve inversion is "a signal" but not the only signal. We must look at many
- He cites trade uncertainty as a headwind for US economy
- Labor market is strong, inflation is moving up slowly
- He is not sympathetic to the insurance cuts argument
- Nothing is moving dramatically in a negative direction
- Many manufactures in the Philadelphia area see businesses pretty good
- If policy uncertainty resolved could see higher growth
- If tariffs kick in and hit consumer, I'm more worried
- High hurdle for me to think about negative rates
- He is a little worried about market pricing on Fed rate cuts
- Sees Fed policy at neutral, says he is on hold right now
Comments from Fed's Harker are more hawkish. Note that Harker is not a voting member on the FOMC in 2019. He will be a voting member in 2020.
