“Absent a stark turn in what I see in the data and hear from contacts, I believe that we are at the point where we can hold rates where they are," Federal Reserve Bank of Philadelphia President Patrick Harker said on Friday, per Reuters.
Key quotes
"Supporting higher for longer interest rate stance."
"Can’t say for how long rates will need to remain high."
"Seeing steadily disinflation, falling to below 3% this year."
"Growth to moderate next year but not expecting a recession."
"Tighter credit conditions akin to rate hikes in impact."
"It will take time for Fed rate hikes to be fully felt."
"Labor markets coming into better balance, not expecting mass layoffs."
"Auto strikes, renewed student loans will weigh on economy."
"Expecting unemployment rate to rise to about 4%."
Market reaction
The US Dollar Index showed no reaction to these comments and was last flat on the day at 106.55.
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