18.3 C
New York
Wednesday, September 28, 2022

Fed’s Harker says interest rates should reach above 3%, then reassess

Fed's Harker says interest rates should reach above 3%, then reassess
© Reuters. The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger

(Reuters) – The U.S. Federal Reserve should raise interest rates above 3% by the end of this year and then reassess how much more it needs to do to bring inflation down in part due to the tightening impact of the central bank reducing its balance sheet in tandem, Philadelphia Fed President Patrick Harker said on Wednesday.

“We don’t have to overreact in terms of the fed funds rate,” Harker said during a conference held by the regional Federal Reserve bank. “We need to get above neutral, again I’d like to get above three, but I don’t think you have to accelerate rapidly beyond that at this point until we get a better understanding of what exactly the quantitative tightening is doing.”

Source: Investing.com

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

11,297FansLike
12,893FollowersFollow
747FollowersFollow
- Advertisement -

Latest Articles

Popular Articles