Philadelphia Fed President Harker: The Fed won't act hastily

Odaily Planet Daily News According to Patrick Harker, President of the Federal Reserve Bank of Philadelphia, he still expects the Fed to cut interest rates, but the policy path is shrouded in significant uncertainty. Harker said, ‘I still believe that we are on a path of decreasing interest rates. I have no intention of deviating from this path or turning around. The exact speed of progress will depend entirely on the new data we receive.’ Harker does not have voting rights this year. In his speech, he said, ‘The overall foundation of our economy remains strong,’ but nevertheless, ‘we are still in a very unstable period,’ which limits guidance on future policy paths. Harker pointed out that it will take longer than expected to bring inflation back to the target of 2%. He also stated that the labor market has stabilized and remained healthy, and there is increasing evidence that low-income groups are facing greater pressure, which concerns him. (Jinshi Data APP)