Free Trial

MNI: Fed's Harker Sees 1 Rate Cut By Year-End

Latest U.S. inflation data are "promising," Philadelphia Fed president says.

Federal Reserve Bank of Philadelphia President Patrick Harker said Monday he expects one interest rate cut by year-end if data meet his forecasts, calling the latest inflation report "quite promising" in signaling that progress on disinflation has resumed. 

"I have a forecast for inflation, employment, and economic activity: slowing but above trend growth, a modest rise in the unemployment rate, and a long glide back to target for inflation," he said in remarks prepared for a Global Interdependence Center conference in Philadelphia. 

Keep reading...Show less
342 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Federal Reserve Bank of Philadelphia President Patrick Harker said Monday he expects one interest rate cut by year-end if data meet his forecasts, calling the latest inflation report "quite promising" in signaling that progress on disinflation has resumed. 

"I have a forecast for inflation, employment, and economic activity: slowing but above trend growth, a modest rise in the unemployment rate, and a long glide back to target for inflation," he said in remarks prepared for a Global Interdependence Center conference in Philadelphia. 

Keep reading...Show less