Fed's Harker: It's Now Time for Fed to Hold Steady on Rates
November 13 2019 - 6:59PM
Dow Jones News
By Michael S. Derby
Federal Reserve Bank of Philadelphia President Patrick Harker
reiterated that he has opposed the central bank's rate cuts this
year.
At each of the three points the Fed lowered rates "I would have
preferred to hold firm," Mr. Harker said in a speech text to be
delivered in Wilmington Del. on Wednesday.
But with the easings now in place, "my own view is that we
should hold steady for a while and watch how things unfold before
taking any more action," he said.
Mr. Harker's comments largely covered the same ground as those
made in an appearance in New York on Tuesday. Mr. Harker isn't
currently a voting member of the rate-setting Federal Open Market
Committee. On Wednesday, Fed Chairman Jerome Powell said he doesn't
see the need for further rate cuts as long as the economy's
performance meets expectations.
In his remarks, Mr. Harker again said he sees growth just over
2% next year, with the jobless rate moving back up to around 4%. He
also sees inflation rising back to 2%.
Write to Michael S. Derby at
michael.derby@wsj.com<mailto:michael.derby@wsj.com>
(END) Dow Jones Newswires
November 13, 2019 19:44 ET (00:44 GMT)
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