Philadelphia Federal Reserve President Patrick Harker said Friday he thinks the central bank can stop raising interest rates.
I believe that we are at the point where we can hold rates where they are," Harker said in prepared remarks for the Delaware State Chamber of Commerce.
Reports this week showed that 12-month rates for inflation are coming down but remain above the Fed's 2% annual target.
"We remain data dependent but patient and cautious with the data," he added.
I didn't coin it, but my expectation is that rates will need to stay high for a while," he said.
Persons:
Patrick Harker, Harker, specter
Organizations:
Philadelphia Federal, Delaware State Chamber of Commerce, Market, Wall Street
Locations:
Delaware