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The Economy, Inflation, and Monetary Policy

Author

Listed:
  • Patrick T. Harker

Abstract

Speaking to the Risk Management Association in Philadelphia, Philadelphia Fed President and CEO Patrick T. Harker said a “hot” labor market is an exception to otherwise “lackluster” data indicating slowing economic activity. Acknowledging “the tremendous hardship” that high inflation poses for Americans, Harker said the Fed continues to reduce its balance sheet and has raised the federal funds rate 375 basis points since the start of 2022 in response. He said he expects the Fed to stop tightening at some point next year and “hold at a restrictive rate for a while,” but he stressed that the Fed must remain “data dependent and flexible on policy” to bring down inflation.

Suggested Citation

  • Patrick T. Harker, 2022. "The Economy, Inflation, and Monetary Policy," Speech 95025, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpsp:95025
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/institutional/speeches/harker/2022/11-10-22-rma-philadelphia-chapter.pdf
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