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- Fed's Harker: Fed is not changing inflation target right now, is committed to 2%
Fed's Harker: Fed is not changing inflation target right now, is committed to 2%
Reuters reported that Philadelphia Federal Reserve Bank President Patrick Harker on Tuesday said he feels the US central bank may soon be done raising interest rates, a year into its most rapid monetary policy tightening since the 1980s.
"Since the full impact of monetary policy actions can take as much as 18 months to work its way through the economy, we will continue to look closely at available data to determine what, if any, additional actions we may need to take," Harker said in a speech at the Wharton Initiative on Financial Policy and Regulation.
US Dollar update
The Greenback has been traded in a range over the past week as the hawks gather again since last Friday. Federal Reserve´s Governor Christopher Waller said that despite a year of aggressive rate increases, the Fed "hasn't made much progress" in returning inflation to their 2% target and argued that rates still need to go up. As such, the likelihood of a rate cut by December has narrowed considerably this week.
Looking ahead, the Federal Open Market Committee will enter a blackout this weekend ahead of the 2/3 May meeting. The latest guidance is very much in line with market pricing. The US Dollar fell, however on Thursday, as per the DXY index, to a low of 101.632 from a high of 102.126.
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