MNI BRIEF: Fed's Harker Open To 50BP, Sees 'Turbulent' Landing

Philadelphia Fed President Patrick Harker said Tuesday his base case is for seven quarter-point rate increases this year and he's open to more in what he said could be a "turbulent landing."

"I am very open to going faster," he said in Q&A in a webinar, noting he was a median dot in the FOMC's March rate forecast. "Seven this year, six more to go, is my median, my modal forecast, but I'm open to doing more, if the data were just in that direction."

"I wouldn't take 50 basis point increase off the table for the next meeting. I'm not committing to that right now but I wouldn't take it off the table," said Harker. "I actually don't like the phrase soft landing versus hard. I'd like to add into the lexicon, turbulent landing. We've all been on those planes. You've gotten down safely, but it's been a bumpy ride, and I think that's the situation we're in."