Fed's Harker says I think it's time to keep rates steady
Philadelphia Fed President Patrick Harker said Tuesday that "we may be at a point where we can be patient, keep rates steady and allow the monetary policy actions we've taken to do their job."
His highlights were as follows:
- Barring "worrying" new data by mid-September, I think we might be where we can be patient and keep rates steady.
- If we get to the point of keeping rates steady, "we're going to need to stay there for a while."
- The latest PCE report showed continued inflation
- sees core PCEs falling below 4% by the end of the year, below 3% in 2024 and to the target of 2% in 2025
- Expect unemployment to rise slightly
- We only expect a modest slowdown
- We think we're on the way to the quiet landing we all hoped for
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