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MNI: Fed’s Harker Sees Slower Hike In Coming Months

(MNI) WASHINGTON

Philadelphia Fed president still thinks the Fed can avoid a major spike in unemployment as it tightens aggressively.

The Federal Reserve could slow the pace of interest rate increases in “upcoming months” but will continue to tighten monetary policy until financial conditions are “sufficiently restrictive,” Philadelphia Fed President Patrick Harker said Thursday.

Harker’s comments come as weaker-than-expected October consumer inflation figures boosted market expectations that the FOMC will step down to a 50-basis-point hike in December after raising rates by 75 basis points for four meetings in a row.

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The Federal Reserve could slow the pace of interest rate increases in “upcoming months” but will continue to tighten monetary policy until financial conditions are “sufficiently restrictive,” Philadelphia Fed President Patrick Harker said Thursday.

Harker’s comments come as weaker-than-expected October consumer inflation figures boosted market expectations that the FOMC will step down to a 50-basis-point hike in December after raising rates by 75 basis points for four meetings in a row.

Keep reading...Show less