Finance

Fed’s Patrick Harker says jobs recovery will be slow, inflation at 2.5% would be OK

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Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia

Charles Mostoller | Bloomberg | Getty Images

Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows.

Harker, a voting member of the Federal Open Market Committee, also said he would be comfortable allowing inflation to rise as high as 3% so long as it does so at a slow and manageable rate.

He joined CNBC’s “Squawk Box” to discuss the central bank’s new inflation goal, which Chairman Jerome Powell announced Thursday.

“Right now, you’re seeing some signs of recovery, but basically it’s…



Source cnbc.com

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