Philadelphia Fed President Patrick Harker and Boston Fed President Susan Collins have both indicated their support for beginning a gradual reduction in interest rates, assuming no unexpected changes in economic data.
Harker emphasized that the process should start soon, stating, “barring any surprise in the data we’ll get between now and then, I think we need to start this process.” He also noted that the pace of rate cuts should be “slow and methodical.”
Collins echoed this sentiment, highlighting the progress made in reducing inflation. She remarked, “We’ve seen quite a lot of reduction in inflation,” and expressed confidence that the economy is on the right path.
Collins also underscored the importance of a “gradual, methodical pace” in the rate-cutting process to maintain the health of the labor market.
