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Philadelphia Federal Reserve Bank President Patrick Harker said Tuesday even while there are signs the economy has begun to turn around and could grow 5-6% this year, the central bank will continue to support a full recovery from the pandemic.
"While the economic situation is improving, recovery is still in its early stages, and there's no reason to withdraw support yet," said Harker in a speech before the Delaware State Chamber of Commerce. Harker isn't a voting member of the rate-setting FOMC this year.
His remarks on the need to keep the federal funds rate very low and continue making USD120 billion in monthly Treasury bond and mortgage-backed securities purchases comes after former Fed staffers told MNI an eventual move to pare back hefty bond-buying program could disrupt financial markets.