Philadelphia Fed President Patrick Harker said in a speech that following Q2’s historic contraction, the economy has “rebounded faster than many of us had projected. The recovery is expected to continue, but “not fast enough” to have GDP reaching pre pandemic level by the end of the year. “Employment, unfortunately, probably won’t be back to pre-pandemic levels until 2023.”

On Fed’s new statement, Harker said “tolerating the risk of slightly higher inflation, in our view, is worth it if it helps us achieve our employment goals.”

Full speech here.

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