Fed's Harker: Inflation has to fall faster before rate cuts - Breaking The News

Fed's Harker: Inflation has to fall faster before rate cuts

24 August

1 min read

EPA-EFE/SHAWN THEW

Federal Reserve Bank of Philadelphia President Patrick Harker on Thursday left open the possibility of introducing interest rate cuts in 2024 if the inflation rate drops faster and below the currently expected 3%.

Speaking to CNBC at the sidelines of the United States central bank's Jackson Hole summit in Wyoming, Harker noted he sees the federal funds rate steady until the end of 2023 as the Fed has "probably done enough."

He revealed that there is some proof that job market tightness is weakening and that further easing in the services sector would be welcome, adding that the impact of credit tightening is uncertain.

fed harker

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