Federal Reserve Bank of Philadelphia President Patrick Harker said Friday he believes the central bank is likely done with rate hikes amid an ongoing waning in price pressures.
“It will take some time for the full impact of the higher rates to be felt,” the official said, adding “holding rates steady will let monetary policy do its work,” and as monetary policy is now restrictive, “we will steadily press down on inflation and bring markets into a better balance.”Harker weighed in as markets are actively debating whether the Fed will raise rates again. At their policy meeting last month officials held their overnight target rate range steady at between 5.
Recent data, while showing strength, has driven home to many in markets the prospect the Fed is done, and a number of Fed officials, pointing to higher bond yields, which make credit more expensive and a greater headwind to growth, have signalled they could also be done with hikes.
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