Patrick Timothy Harker, who is the President of the Federal Reserve Bank of Philadelphia, says he does not expect the Federal Funds Rate will rise before the Fed's bond tapering is complete.

"I don’t expect that the federal funds rate will rise before the tapering is complete, but we are monitoring inflation very closely and are prepared to take action, should circumstances warrant it," Harker said in remarks prepared for a virtual event organized by the Economic Club of New York.

Reuters reported that The also said he ''expects inflation to moderate over the next year as supply demand imbalances caused by the pandemic are resolved, echoing a message shared by Fed officials last week when they announced they will begin to reduce the pace of asset purchases by $15 billion a month.''

Key comments from Fed's Harker

Says he does not expect that the federal funds rate will rise before the fed's bond tapering is complete.

Says fed officials are monitoring inflation very closely and are prepared to take action, should circumstances. warrant it.

Says he expects inflation to moderate next year as supply chains come back online and bottlenecks ease

Says US economy should see another growth spurt to more than 4% next year if another major covid-19 wave can be avoided.

Says he expects economic growth to return to between 2% and 3% in 2023.

Says he expects more people to return to the workforce as forbearance programs run out.

More to come...