Federal Reserve Bank of Philadelphia President Patrick Harker expressed optimism about the U.S. economy's strength, stating that there's no immediate reason to alter interest rate policy. He highlighted resilient growth, a balanced jobs market, and easing inflation as factors supporting the current policy stance.
NEW YORK, Feb 17 - Federal Reserve Bank of Philadelphia President Patrick Harker sounded an upbeat note on the state of the U.S. economy on Monday, and said he saw no reason to change interest rate policy right now as the central bank continued to work to lower inflation levels.
Inflation remains elevated but appears on track to ease over time, amid “resilient” growth and a balanced jobs market, and “these are reasons enough for holding the policy rate steady,” the official said. “While I won’t commit to a specific timetable, I remain optimistic that inflation will continue a downward path and the policy rate will be able to decline over the long run,” he said.
Central bank officials, confronted with inflation data that’s proved hotter than expected, while dealing with the uncertainty of the economic policies of the administration of President Donald Trump, have been hesitant to provide much guidance about the future path of rate cuts.
FEDERAL RESERVE INTERESTRATES INFLATION ECONOMY US
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