Central Banks
Fed’s Harker Says More Rate Cuts Are Coming But Timing Uncertain
- Says inflation is on a path to 2% but taking longer than hoped
- Speed of further rate cuts will depend on data, Harker says
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Federal Reserve Bank of Philadelphia President Patrick Harker said officials are on track to lower interest rates this year, but the exact timing will depend on what happens with the economy.
Harker said it’s taking longer than expected to bring inflation to the Fed’s 2% target and that progress has been uneven. However, he said the economy overall is strong and the labor market has cooled toward pre-pandemic trends.