Central Banks
Fed’s Harker Says Rates Should Move Down But Not Immediately
- Philadelphia Fed president said ‘important’ to lower rates
- Harker’s comments were more supportive of a cut than his peers
Patrick Harker
Photographer: Ryan Collerd/BloombergThis article is for subscribers only.
Federal Reserve Bank of Philadelphia President Patrick Harker said the central bank should begin to reduce interest rates — though not immediately — offering a softer pushback against widespread market expectations of early-2024 cuts than some of his peers.
“It’s important that we start to move rates down,” Harker said Wednesday in a local radio interview. “We don’t have to do it too fast, and we’re not going to do it right away.”