Fed’s Harker Supports Smaller, 25-Basis-Point Hikes ‘Going Forward’

Federal Reserve Bank of Philadelphia President Patrick Harker said the central bank should lift interest rates in quarter-point increments “going forward” as it approaches the end point in its most aggressive tightening campaign in decades.

“I expect that we will raise rates a few more times this year, though, to my mind, the days of us raising them 75 basis points at a time have surely passed,” Harker said in prepared remarks Thursday for an event in Malvern, Pennsylvania. “In my view, hikes of 25 basis points will be appropriate going forward.”