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MNI BRIEF: Harker Says Fed Must Be Careful As It Raises Rates

(MNI)

Philadelphia Federal Reserve President Patrick Harker said Tuesday policy makers are acting to raise interest rates as needed to slow inflation but must also beware of going too far and denting the economic expansion.

“We need to take action but be careful at the same time,” he said during a recorded interview with The Hill. “The economy is strong,” Harker said, and “what we don’t want to do is ruin the good things by being too aggressive.” Inflation is “clearly an issue” that demands higher rates, though some elements are “outside what the Fed can do,” he said.

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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