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FED: Harker Warns Against Acting With Haste

FED
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Philly Fed's Harker echoes a similar tone to that from yesterday’s FOMC minutes, seeing rates moving lower but not in rush. The remarks don't have a notable impact on Fed pricing, with a next 25bp cut still seen in June. His role would see him vote on the FOMC in 2026 but he's set to retire this June. 

  • "I still see us on a downward policy rate path. Looking at everything before me now, I am not about to walk off this path or turn around. But the exact speed I continue to go along this path will be fully dependent upon the incoming data"
  • “"It’s just taking a little longer to get back to target than initially anticipated. And our overall goal is to make sure that we help ease out the bumps and keep ourselves traveling in as smooth a lane as possible. That means remaining data dependent, keeping our eyes open, and not acting with haste."
  • The growing severity of bird flu is a new upside risk to inflation: "Here at home, we await potential policy changes which may have an economic impact. And dare I mention the impact that, say, a bird flu outbreak, on top of everything else, could have on food prices"
  • The full remarks from his speech titled "Right Now, It’s Putting One Foot in Front of the Other" can be found here.
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Philly Fed's Harker echoes a similar tone to that from yesterday’s FOMC minutes, seeing rates moving lower but not in rush. The remarks don't have a notable impact on Fed pricing, with a next 25bp cut still seen in June. His role would see him vote on the FOMC in 2026 but he's set to retire this June. 

  • "I still see us on a downward policy rate path. Looking at everything before me now, I am not about to walk off this path or turn around. But the exact speed I continue to go along this path will be fully dependent upon the incoming data"
  • “"It’s just taking a little longer to get back to target than initially anticipated. And our overall goal is to make sure that we help ease out the bumps and keep ourselves traveling in as smooth a lane as possible. That means remaining data dependent, keeping our eyes open, and not acting with haste."
  • The growing severity of bird flu is a new upside risk to inflation: "Here at home, we await potential policy changes which may have an economic impact. And dare I mention the impact that, say, a bird flu outbreak, on top of everything else, could have on food prices"
  • The full remarks from his speech titled "Right Now, It’s Putting One Foot in Front of the Other" can be found here.