24 August 2023
Philadelphia Fed President Patrick Harker expressed skepticism about the need for further interest rate hikes by the U.S. central bank. At the Fed’s annual research conference in Jackson Hole, Wyoming, Harker mentioned, “Right now I think that we’ve probably done enough” and suggested that it might be prudent to maintain the current rates to observe their impact on the economy. His comments are significant as they come ahead of a keenly awaited speech by Fed Chairman Jerome Powell. Given Harker’s voting status in the Federal Open Market Committee, his perspective adds to the ongoing debate about the direction of future rate decisions, especially after the rate increase in July.