Central Banks
Fed’s Harker Says One Rate Cut in 2024 Is Appropriate Based on Outlook
- Harker says ‘several months’ of price data needed before cut
- Current policy rate will serve US well ‘a bit longer,’ he says
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Federal Reserve Bank of Philadelphia President Patrick Harker said he views one interest-rate cut as appropriate for this year based on his current forecast, adding he’d like to see “several” more months of improving inflation.
Harker said a recent report showing consumer prices cooled in May was “very welcome,” but policymakers need more evidence to be confident inflation is headed to the central bank’s 2% goal. He said he is open-minded to other paths for policy depending on what those reports show as uncertainty remains high.