Philadelphia Fed Pres Harker (2020 FOMC.........>

FED: Philadelphia Fed Pres Harker (2020 FOMC voter) on Bloomberg TV, reiterates

comments on being comfortable with price rises above 2.0%: "Inflation target is

symmetric - we should overshoot it. Am supportive of letting it go above 2%

before Fed takes tightening action."  (Reminder, even back in 2018 Harker said

he'd be fine w inflation running as high as 2.5% Y/Y).

- Sees a slow recovery ahead. Because of the resurgence of COVID cases, he is

reconsidering the economic outlook, and is skeptical we'll see as good a jobs

report coming up in July (as in prev months). "Until virus under control, we

won't get economy back to where we want it to be."

- On fiscal side: Worries about cliff effect of unemployment insurance getting

cut off, and of state/local governments being forced to lay off workers. Re

Paycheck Protection Program, notes needs improvements because many

micro-businesses don't have banking relationships. We should bring people into

the system so they have access to PPP.

- Says the Fed could potentially extend lending programs past end-Sep deadline;

will assess state of economy at that time.