Philadelphia Fed President and FOMC member Patrick Harker said on Wednesday that he doesn't see high inflation going away any time soon and that high gasoline prices will be here for some time, reported Reuters. Harker said he doesn't expect food prices to come down any time soon. 

Harker said that some cooling in the housing market can now be seen as the Fed raises interest rates, and noted that more people will soon be observed joining the labour force. 

Harker added that the Fed "has some time" to get to a neutral position, given the continued impact of the pandemic on jobs and inflation and added that, while the Fed "could move faster", it is already having an impact, as seen in higher bond yields.