Philadelphia Fed President Patrick Harker, in a local radio interview overnight, shared expressed that while there will be a need to lower interest rates eventually, this shift should not happen “right away” or “too fast.”
Harker stated, “I’ve been in the camp of, let’s hold rates where they are for a while, let’s see how this plays out, we don’t need to raise rates anymore.”
Looking ahead, Harker acknowledged the necessity of reducing rates, saying, “it’s important that we start to move rates down.” However, he emphasized a gradual approach: “we don’t have to do it too fast, we’re not going to do it right away, it’s going to take some time.”
Harker also added a note of caution regarding the economic outlook, particularly concerning inflation. “Let me be clear: The job on inflation is not done, but we are moving in the right direction, things are starting to look better and better.”
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