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

FED
  • (MNI) 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.
  • "And if all of it happens to be as forecasted, I think one rate cut would be appropriate by year’s end." He cautioned against taking that as a "lock-down commitment" and said he will stay data dependent.
  • "Indeed, I see two cuts, or none, for this year as quite possible if the data break one way or another."
  • "The latest inflation data have been quite promising that progress on disinflation has resumed. But 'promising' falls short of the confidence I want to have, before cutting rates, that inflation is on a sustainable path back to target," Harker said.
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