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MNI PODCAST: FedSpeak - Harker Says Policy Must Be Restrictive

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EXECUTIVE SUMMARY

  • Philadelphia Fed President Patrick Harker told MNI on the sidelines of this year's Jackson Hole meeting that monetary policy will likely be restrictive by year-end.
  • He sees interest rates closing out the year around 3.4% and says the Fed could raise more after that or also hold them there.
  • Harker says it's too soon to know whether the Fed will hike 75 bps or 50 bps in September, but emphasized that a 50 move would still be quite aggressive.
  • He said the July CPI offered "glimmers of hope" but added inflation is still way too high and broad based.

Listen to the full podcast here.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com

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