Federal Reserve Bank of Philadelphia President Patrick Harker warned on Thursday that the rate cuts highly anticipated will not occur "right now and right away."
During his speech at the 2024 Lyons Center for Economic Education and Entrepreneurship at the University of Delaware, the banker pointed out that he believes the country may be in the position to "see the rate decrease this year." However, he also cautioned that it is "important" to gather "more evidence," allowing the Fed to "look past the vagaries of monthly data and ensure we continue on the right path."
"But obviously, we can’t take our eyes off the road. We want to get to our destination without any warning lights going off or tires going flat. And at this moment, the indications are that we can do that — but only if we stay focused and controlled with our hands on the wheel," Harker concluded.
