Federal Reserve Officials Discuss Interest Rates and Global Unrest

Philadelphia Federal Reserve President Patrick Harker believes that the central bank can hold interest rates steady, stating that the Fed has made substantial progress in bringing down prices without negatively impacting the economy. Harker's remarks align with other officials' recent statements and represent the most explicit endorsement yet of a pause in rate hikes. While inflation rates remain above the Fed's target, Harker emphasized the need to remain patient and cautious with the data, stating that the Fed will not tolerate a reacceleration in prices. He also indicated that rates may need to stay high for a while, but he would support further rate increases if inflation were to rebound.