Central Banks
Harker Says Fed May Now Be at Point Where It Can Hold Steady
- Philadelphia Fed chief says rate cuts may begin next year
- Richmond’s Barkin waiting until September to decide on hikes
Patrick Harker
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank may be able to cease interest-rate increases, barring any surprises in the economy, though rates would need to stay at their current elevated levels for some time.
“Absent any alarming new data between now and mid-September, I believe we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work,” Harker, who holds a vote on policy decisions this year, said Tuesday in remarks prepared for an event organized by the Philadelphia Business Journal.