Philadelphia Federal Reserve Bank President Patrick Harker said in New York on F...
NEW YORK - Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank’s September rate cut and thinks the Fed should “hold firm” on interest rates.
Harker painted the picture of an economy that is on track to grow by a little over 2% this year, powered by strong consumer spending and a robust labor market. He said that while inflation is currently below target, he expects it to reach the coveted 2% growth level over the next 18 months to two years.
The Fed official said uncertainty over trade policy is affecting business decisions, but he expressed skepticism that lower interest rates would do much to reverse a downturn in business investments.
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