- Philadelphia Fed president Harker: No need for interest rate changes - WSJ
Market news
9 July 2019
Philadelphia Fed president Harker: No need for interest rate changes - WSJ
- Says he would entertain rate cuts if you believe the economy was weakening substantially
- Slowing global growth and uncertainty over trade policy have created clear risks to a no change outlook
- He supported decision to hold rates steady, and projected no change to rates this year
- The U.S. still has a strong labor market
- There is no need to move rates in either direction at this point in my view
- Fed has been surprised by a cooling of inflation this year
- Does not see inflation as an imminent crisis, and thinks the Fed can give it some time to move back up to 2% target
- He did not think it would be a mistake to cut rates but says the prudent path for me is to hold steady and see how the economy evolves
- Fed does not discuss political pressure when making interest-rate decisions
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