Why One Fed Official Is Ready to Stop Raising Rates
Philadelphia Fed President Patrick Harker said he thinks the central bank can likely wait until early next year to decide whether rapid rate increases have done enough to keep inflation heading lower.
A top official at the Federal Reserve said that it should continue to pause interest rate increases due to growing evidence that increased borrowing costs will slow down the economy, despite recent hiring and spending signs.
In a Tuesday interview, Philadelphia Fed President Patrick Harker said that the central bank could likely wait until the beginning of next year before deciding whether the rapid rate increases in the last 20 months were enough to keep the inflation on a downward path.