News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

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

06/22/2022 | 02:48pm EDT
Federal Reserve Board Building in Washington

(Reuters) - The U.S. Federal Reserve should raise interest rates above 3% by the end of this year and then reassess how much more it needs to do to bring inflation down in part due to the tightening impact of the central bank reducing its balance sheet in tandem, Philadelphia Fed President Patrick Harker said on Wednesday.

"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)


© Reuters 2022
Latest news "Economy & Forex"
11:20a'It could have happened to us,' say worried hikers in Italy
RE
11:18aStaff at Heathrow refuelling firm AFS to strike, says union
RE
11:17aEight missing climbers located after Italian glacier collapse
RE
11:15aAlberta govt to intervene in antitrust review of Rogers, Shaw deal
RE
11:15aPakistan approves imports in local currency from neighbouring Afghanistan
RE
11:13aEight missing climbers located after Italian glacier collapse
RE
11:12aCongo administrator orders China's CMOC to stop exports from Tenke cobalt mine
RE
11:09aArgentina black market peso edges lower as economy chief takes reins, stocks bounce
RE
11:04aU.S., Chinese foreign ministers to meet at G20 this week
RE
11:03aR&B singer R. Kelly removed from suicide watch at Brooklyn jail -prosecutors
RE
Latest news "Economy & Forex"