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  • Philadelphia Fed president Harker: Fed may be pretty close to meeting inflation mandate set for raising interest rates, - Reuters

Market news

1 October 2021

Philadelphia Fed president Harker: Fed may be pretty close to meeting inflation mandate set for raising interest rates, - Reuters

  • But it may be a year or longer before Fed's employment goal is met to allow for actual rate hike
  • Inflation is likely to come down closer to Fed’s 2% target over next couple of years
  • If economy continues to improve as expected, U.S. could potentially reach maxiumum employment and inflation mandate as soon as 2023
  • Forecasts U.S. unemployment rate to drop to about 4% by the end of next year, 3.8% by 2023 and 3.6% by the end of 2024
  • At that point I think economy should be healthy enough to tolerate some small increases in rates
  • Low interest rates can increase financial stability risks and hurt savers and people on fixed incomes
  • Emphasizes that Fed will not be removing accommodation anytime soon
  • Fed will still be adding accommodation even after it starts to reduce its bond purchases 
  • Winding down those asset purchases soon could give Fed more “optionality” next year for responding to inflation that continues to run above its target

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