Federal Reserve Bank of Philadelphia President Patrick Harker estimated on Monday that the central bank's monetary policy has reached "the point where we can hold rates where they are."
Speaking at the National Association of Corporate Directors Webinar, Harker said he based his attitude on the fact that "[t]here is a steady, if slow, disinflation under way. Labor markets are coming into better balance. And, all the while, economic activity has remained resilient."
He added that "policy rates are restrictive, and, as long they remain so, we will steadily press down on inflation and bring markets into a better balance. Holding rates steady will let monetary policy do its work. By doing nothing, we are still doing something. And I would argue we are doing quite a lot."
