"I think we get back to where we used to be, which was making a change every other meeting," Philadelphia Fed President Patrick Harker said in an...
Skipping a rate hike in June will put an end to the “frenetic” pace of interest-rate hikes seen over the past 14 months, Philadelphia Fed President Patrick Harker said Wednesday in an interview with MarketWatch.
“Think about where we used to be. We would do an increase at every other meeting. I think we need to get back to that,” Harker said. The Philadelphia Fed president, who is a voting member of the Fed’s interest-rate committee this year, said rate hikes of 50 and 75 basis points, as happened last year, were the outliers.
“In my opinion, to be in the camp that says we need to keep going, going, going means we need to crush demand. We do have to get demand under control — that’s the goal. But we don’t have to crush it,” he said.
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