MNI BRIEF: Fed's Harker Supports 25BP Hike in March

Philadelphia Federal Reserve President Patrick Harker said Wednesday he would support a quarter point rate hike at the March meeting.

"I am very supportive of starting the process of raising the fed funds rate which is our primary tool of monetary policy, start to raise that, and I would be supportive of as early as March a 25 basis point in that rate," he said. "We need to walk a fine line at the Fed," Harker said in an interview with WHYY, a Philadelphia public radio station.

Harker added that he sees 3.5% inflation this year, adding that it will take time for price increases to come down.