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Philadelphia Fed President Harker advocates holding interest rates ‘where they are'

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Harker said the Fed has made progress in bringing down prices without causing a surge in unemployment or otherwise tanking the economy.

Philadelphia Federal Reserve President Patrick Harker said Friday he thinks the central bank can stop raising interest rates.

As a voting member this year on the rate-setting Federal Open Market Committee, Harker's words carry extra weight as policymakers contemplate their next step forward. Though his remarks align with what several other officials have said recently, they are perhaps the most explicit endorsement yet of a halt in rate hikes.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.

 

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