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- Philadelphia Fed president Harker: Fed may be pretty close to meeting inflation mandate set for raising interest rates, - Reuters
Philadelphia Fed president Harker: Fed may be pretty close to meeting inflation mandate set for raising interest rates, - Reuters
- But it may be a year or longer before Fed's employment goal is met to allow for actual rate hike
- Inflation is likely to come down closer to Fed’s 2% target over next couple of years
- If economy continues to improve as expected, U.S. could potentially reach maxiumum employment and inflation mandate as soon as 2023
- Forecasts U.S. unemployment rate to drop to about 4% by the end of next year, 3.8% by 2023 and 3.6% by the end of 2024
- At that point I think economy should be healthy enough to tolerate some small increases in rates
- Low interest rates can increase financial stability risks and hurt savers and people on fixed incomes
- Emphasizes that Fed will not be removing accommodation anytime soon
- Fed will still be adding accommodation even after it starts to reduce its bond purchases
- Winding down those asset purchases soon could give Fed more “optionality” next year for responding to inflation that continues to run above its target
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