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MNI: Fed's Harker Favors 'Measured Pace' for Hikes After July

(MNI) Washington

Philadelphia Fed leader backs 50-basis-point rate increases at the next two meetings.

Federal Reserve Bank of Philadelphia President Patrick Harker on Wednesday backed Chair Jerome Powell's plan to raise the fed funds rate target by more aggressive half-point increments in June and July before dialing back to a "measured pace" of rate increases.

"Going forward, if there are no significant changes in the data in the coming weeks, I expect two additional 50 basis point rate hikes in June and July. After that, I anticipate a sequence of increases in the funds rate at a measured pace until we are confident that inflation is moving toward the Committee’s inflation target," he said in remarks prepared for a virtual meeting of the Mid-Size Bank Coalition of America.

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Federal Reserve Bank of Philadelphia President Patrick Harker on Wednesday backed Chair Jerome Powell's plan to raise the fed funds rate target by more aggressive half-point increments in June and July before dialing back to a "measured pace" of rate increases.

"Going forward, if there are no significant changes in the data in the coming weeks, I expect two additional 50 basis point rate hikes in June and July. After that, I anticipate a sequence of increases in the funds rate at a measured pace until we are confident that inflation is moving toward the Committee’s inflation target," he said in remarks prepared for a virtual meeting of the Mid-Size Bank Coalition of America.

Keep reading...Show less