Philadelphia Fed President Patrick Harker reaffirmed his view today that Fed remains on a “downward policy rate path,” but emphasized flexibility based on future data.
“Looking at everything before me now, I am not about to walk off this path or turn around,” he stated at an event.
However, Harker suggested that the current stage of the policy cycle calls for some patience. “I think it’s appropriate for us to take a bit of a pause right now and see how things shake out,” he said, hinting at a temporary hold in rate adjustments to assess the economic impact of past cuts.
While advocating for a short pause, Harker added that Fed likely won’t remain in this holding pattern for long.
