Fed's Harker says interest rates should reach above 3%, then reassess

"We don't have to overreact in terms of the fed funds rate," Harker said during a conference held by the regional Federal Reserve bank. "We need to get above neutral, again I'd like to get above three, but I don't think you have to accelerate rapidly beyond that at this point until we get a better understanding of what exactly the quantitative tightening is doing."

(Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)