{"id":16887,"date":"2023-06-01T16:40:27","date_gmt":"2023-06-01T20:40:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/feds-harker-says-fomc-should-at-least-skip-june-rate-hike\/"},"modified":"2023-06-01T16:40:28","modified_gmt":"2023-06-01T20:40:28","slug":"feds-harker-says-fomc-should-at-least-skip-june-rate-hike","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16887","title":{"rendered":"Fed\u2019s Harker Says FOMC Should \u2018at Least Skip\u2019 June Rate Hike"},"content":{"rendered":"
\n

(Bloomberg) — Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank is close to the point where it can stop raising interest rates and turn to holding them steady in an effort to further bring down inflation.<\/p>\n

\u201cI do believe that we are close to the point where we can hold rates in place and let monetary policy do its work to bring inflation back to the target in a timely manner,\u201d Harker said Thursday during a virtual event with the National Association for Business Economics.<\/p>\n

The Philadelphia Fed chief repeated comments from the day before that he\u2019d favor not raising rates at the June meeting, even if officials would then need to increase them again at later meetings. \u00a0<\/p>\n

\u201cI think we should pause, because pause says we\u2019re going to hold for a while \u2014 and we might,\u201d he said. \u201cWe should at least skip this meeting in terms of an increase. We can let some of these things resolve themselves, at least to the extent they can, before we consider \u2014 at all \u2014 another increase.\u201d<\/p>\n

The Fed has raised rates by 5 percentage points in the past 14 months as it tries to cool inflation. The rapid clip of that tightening has prompted policymakers to say that they may take a pause at their June 13-14 meeting to give the economy time to digest the rate increases.\u00a0<\/p>\n

Harker emphasized that the economic outlook is uncertain and that he\u2019ll assess incoming data to determine whether additional tightening is needed.\u00a0<\/p>\n

Harker, who votes on policy this year, said inflation is still \u201cway above\u201d the Fed\u2019s 2% target. Though down from a peak of 7% reached a year ago, the Fed\u2019s preferred gauge of price changes edged up in April, to 4.4% from 4.2%, Commerce Department data showed last week.\u00a0<\/p>\n

\u201cDisinflation is under way, but it is doing so at a disappointingly slow pace,\u201d Harker said.\u00a0<\/p>\n

He said the labor market is effectively at full employment, but that tighter credit conditions, especially following the collapse of four banks this spring, may slow hiring.\u00a0<\/p>\n

Some of the central bank\u2019s more hawkish members have said more hikes may be necessary at future meetings to fully bring down prices.<\/p>\n

In an essay Thursday, St. Louis Fed President James Bullard, said he believes interest rates are at the low end of what\u2019s likely to be sufficiently restrictive to bring down inflation.\u00a0<\/p>\n

He said monetary policy is in better shape today than it was a year ago, but that \u201ccontinued vigilance is required\u201d as disinflation is not guaranteed.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) — Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank is close to the point where it can stop raising interest rates and turn to holding them steady in an effort to further bring down inflation. \u201cI do believe that we are close to the point where we can hold […]<\/p>\n","protected":false},"author":1,"featured_media":3274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-16887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nFed\u2019s Harker Says FOMC Should \u2018at Least Skip\u2019 June Rate Hike | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Bloomberg) -- Federal Reserve Bank of Philadelphia President Patrick Harker said the US central bank is close to the point where it can stop raising\" \/>\n<meta name=\"robots\" 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