Federal Reserve Bank of Philadelphia president Patrick Harker said on Tuesday he believes the Fed may be at the point where it can be patient and hold rates steady if any alarming new data between now and mid-September are absent. “Should we be at that point where we can hold steady, we will need to be there for a while,” he added.
Harker also noted that he does not foresee any likely circumstance for an immediate easing of the policy rate.
According to the official's forecasts, core PCE is to fall to slightly below 4% by year-end and below 3% in 2024, and reach Fed's target in 2025, while the unemployment rate is to tick up slightly, and economic activity is to show only a modest slowdown. "I do see us on the flight path to the soft landing we all hope for," Harker added.