Economy

Philadelphia Fed President Harker advocates holding interest rates ‘where they are’

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Patrick Harker President Federal Reserve Bank of Philadelphia, August 24, 2023.

David A. Grogan | CNBC

Philadelphia Federal Reserve President Patrick Harker said Friday he thinks the central bank can stop raising interest rates.

“Absent a stark turn in what I see in the data and hear from contacts … I believe that we are at the point where we can hold rates where they are,” Harker said in prepared remarks for the Delaware State Chamber of Commerce. “Look, we did a lot, and we did it very fast.”

As a voting member this year on the rate-setting Federal Open Market Committee, Harker’s words carry extra weight as policymakers contemplate their next step forward. Though his remarks align with…



Source cnbc.com

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