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Inflation, Monetary Policy, and the Anchor Economy Initiative

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  • Patrick T. Harker

Abstract

Patrick T. Harker, Philadelphia Fed president and CEO, told the audience at the Global Interdependence Center that the Fed is “committed to bringing down inflation,” which poses a “tremendous hardship” for Americans. Harker said he expects the Fed to slow its pace of rate hikes in the coming months and hold “at a restrictive rate for a while,” stressing that it “will take time” to bring down inflation. But he said he is confident that the Fed will be able to “bring inflation under control without doing unnecessary damage” to the labor market. Harker also discussed the recently launched Anchor Economy Initiative, which examines the impact of anchor institutions, or higher education institutions and hospitals, on regional job markets and economies.

Suggested Citation

  • Patrick T. Harker, 2022. "Inflation, Monetary Policy, and the Anchor Economy Initiative," Speech 95100, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpsp:95100
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/institutional/speeches/harker/2022/11-15-22-gic-speech.pdf
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