Philadelphia Fed President Patrick Harker said Thursday he foresees three or four interest rate hikes this year as likely to fight inflation.
His thinking, outlined in a live interview on CNBC’s “Closing Bell,” is consistent with estimates the policymaking Federal Open Market Committee released in December.
But while officials then penciled in the likelihood of three quarter-percentage-point increases in 2022 of the Federal Reserve’s benchmark overnight borrowing rate, Harker said he may be open to even more.
“We do need to take action on inflation. It is more persistent than we thought a while ago. I’ve been off the ‘transitory’ team for a while now,” he said, citing the term Fed officials…