On the Flight Path to the Soft Landing

Philadelphia Fed President and CEO Patrick Harker told an audience at the Philadelphia Business Journal’s State of the Economy event that “Absent any alarming new data between now and mid-September, we may be at the point where we can be patient and hold rates steady and let the monetary policy actions we have taken do their work.” He told the audience that “the region maintains strengths, particularly in the labor market.” While researchers have been tracking a variety of economic data, he highlighted two ongoing initiatives at the Philadelphia Fed that may help decipher what the economy will look like on the other side: the Anchor Economy Initiative and the Worker Voices Project. “I believe that the resilience we’ve seen in our economy will continue, and I do believe we are poised to come out from under the pressure of inflation in good condition, both nationally and right here in Philadelphia and the region,” said Harker.