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Harker Says Fed Is Likely Close To Done On Tightening

FED
  • MNI: Fed Is “Likely Close” To Done On Tightening, Harker Says
  • The Federal Reserve is not yet finished raising interest rates to combat high inflation but is edging closer to that point, with a pause expected “at some point this year,” Philadelphia Fed President Patrick Harker said Tuesday.
    • “We are not done yet … but we are likely close,” Harker said in prepared remarks.
    • “At some point this year, I expect that the policy rate will be restrictive enough that we will hold rates in place and let monetary policy do its work. We are also shrinking our balance sheet, which is removing a significant amount of accommodation.”
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