Fed’s Harker: Don’t need to remove a lot of accommodation before returning to neutral

TOKYO (Reuters) – Philadelphia Federal Reserve Bank President Patrick Harker on Monday said that the U.S. central bank did not have to remove a lot of monetary policy accommodation before it returned to a neutral stance.

Harker, speaking to reporters on the sidelines of a seminar in Tokyo, reiterated his view that he expected the Fed to raise interest rates next month and three times next year, but said the path to higher interest rates would be gradual.

The Fed has raised rates twice this year and is widely expected to do so again next month from a target range of 1.00 percent to 1.25 percent.

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