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☆ Fed's Harker: Inflation is still too high
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Harker: Inflation is still too highCNBC's Steve Liesman reports on the latest comments from the Federal Reserve.

Persons: Fed's Harker, Steve Liesman Organizations: Federal Reserve

☆ Fed's Harker: Fed may be in a position to decrease rates this year
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed's Harker: Fed may be in a position to decrease rates this yearCNBC's Steve Liesman reports on news from the Federal Reserve.

Persons: Fed's Harker, Steve Liesman Organizations: Federal Reserve

☆ Fed's Harker says Fed should not be considering more rate increases
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: 1 min

Philadelphia Federal Reserve President Patrick Harker stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S. August 24, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNEW YORK, Oct 16 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said on Monday the central bank should not create new pressures in the economy by increasing the cost of borrowing. "We should not at this point be thinking about any increases" in the Fed's rate target, Harker told a bankers' group after a speech in which he had again reiterated his belief the Fed is done raising rates in an environment where inflation pressures are ebbing. Reporting by Michael S. Derby Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrick Harker, Ann Saphir, Harker, Michael S, Chris Reese Organizations: Philadelphia Federal, Kansas City Fed, REUTERS, Federal Reserve Bank of Philadelphia, Thomson Locations: Jackson, Wyoming, U.S

☆ Fed's Harker says high interest rates closing off housing for new buyers
▼ + stars: | 2023-10-16 | by ( Michael S. Derby | ) www.reuters.com time to read: +1 min

Philadelphia Federal Reserve President Patrick Harker stands behind the Jackson Lake Lodge in Jackson Hole, where the Kansas City Fed holds its annual economic symposium, in Wyoming, U.S. August 24, 2023. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsNEW YORK, Oct 16 (Reuters) - Philadelphia Federal Reserve President Patrick Harker said on Monday the current level of interest rates has nearly killed off access to the housing market for those looking to get in for the first time. In the text of a speech to the Mortgage Bankers Association's annual convention, Harker said when it comes to housing, based on his interactions in his district, "the climate could be crystallized in seven words, which one of those contacts said to me recently: 'There are no first-time home buyers.'" Harker explained that high interest rates have hit the housing sector by boosting costs and contracting inventory because many people no longer wish to sell, while pushing more prospective buyers into newly built homes. Reporting by Michael S. Derby; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Patrick Harker, Ann Saphir, Harker, Michael S, Paul Simao Organizations: Philadelphia Federal, Kansas City Fed, REUTERS, Mortgage, Thomson Locations: Jackson, Wyoming, U.S

☆ Fed's Harker expects no more rate hikes needed this year, in CNBC interview
▼ + stars: | 2023-08-24 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Harker spoke to the television channel on the sidelines of the Kansas City Fed’s annual research conference in Jackson Hole, Wyoming. But for Harker, it's very much a question of the economy working through the ongoing impact of the Fed's prior actions. We need to absorb that,'" the bank president said of his local contacts. He expects the unemployment rate to rise a touch to 4% or maybe higher and he believes growth should moderate. Harker also said it's too soon to say when the Fed might cut interest rates.

Persons: Patrick Harker, CNBC's Steve Liesman, Ann Saphir, CNBC he's, Harker, let's, Jerome Powell, it's, you've, I'd, Michael S, Andrea Ricci Organizations: Philadelphia Federal Reserve Bank, Kansas, REUTERS, Federal Reserve Bank of Philadelphia, CNBC, Kansas City, Fed, Market, Thomson Locations: Jackson Hole , Wyoming, U.S, Kansas

☆ Morning Bid: Germany to kick off CPI mega-run
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 1, 2023. Still, investors' focal point for the week is the U.S. consumer price index amid recent goldilocks data and remarks from Fed Chair Jerome Powell that's given strength to the economic soft-landing narrative. Fed officials continue to emerge from their silence this week after hiking rates another 25 basis points at their last meeting. Investors betting the Fed has reached the end of rate increases will have another chance to gauge their theory when Philadelphia Fed President Harker and Richmond Fed President Barkin speak on Tuesday. Their remarks will be top of investor watchlists after mixed messages about the future rate path from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brigid Riley Germany, Jerome Powell that's, Harker, Barkin, John Williams, Michelle Bowman, Fed's Harker, Brigid Riley, Christopher Cushing Organizations: REUTERS, Staff, Federal Reserve, Central Bank's, Philadelphia Fed, Richmond Fed, New York Fed, Bank of Japan, CPI, Hungary CPI, Bayer, InterContinental Hotels, Thomson Locations: Frankfurt, Germany, China, United States, U.S, Richmond, New, Asia, Hungary

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ Next week promises any debt deal relief may prove short-lived with jobs report, Fed decision looming
▼ + stars: | 2023-05-26 | by ( Scott Schnipper | ) www.cnbc.com time to read: +5 min

"The overhangs on the market this year [are] the debt ceiling negotiation, hawkish Fed commentary and a banking crisis. It appears we are going to get a debt ceiling deal over the weekend, which should help the market to stabilize." The problem for many on the Street is the action in the S & P 500 Tech Index, up more than 5% this week; the Nasdaq Composite , ahead about 2.5%; and the S & P 500 , with a 0.3% gain, masks so much weakness beneath the surface. The S & P 500 consumer staples, materials, health care and utilities were all down between 2.4% and 3.2% this week, and the Dow Industrials were lower 1%. Although the S & P 500 is 9.5% higher so far in 2023, only a few stocks are doing well. "

☆ Fed's Harker sees more central bank action to quash inflation pressures
▼ + stars: | 2023-04-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, April 20 (Reuters) - Federal Reserve Bank of Philadelphia President Patrick Harker said Thursday the U.S. central bank will have to do more on the policy front to get still high inflation pressures back down to the 2% target. Fed forecasts from late March projected one more increase after that before holding steady for the year, in a view affirmed by a number of recent policy makers’ comments. In his speech, Harker said the economy remains strong and inflation is coming down, albeit slowly. Harker said the current 3.5% unemployment rate should move up to around 4.4% this year, in a period where growth will be tepid. The bank president also said that last month’s financial sector woes will also weigh on the economy.

April 11 (Reuters) - Philadelphia Federal Reserve Bank President Patrick Harker on Tuesday said he feels the U.S. central bank may soon be done raising interest rates, a year into its most rapid monetary policy tightening since the 1980s. Harker joined his fellow U.S. central bankers last month in voting for a quarter of a percentage point increase in the benchmark overnight interest rate, taking it to a range of 4.75% to 5.00%. In a question-and-answer session following his speech, Harker said he was among that majority. Recent inflation readings "show that disinflation is proceeding slowly - which is disappointing, to say the least," Harker said. Chicago Fed President Austan Goolsbee earlier on Tuesday said he was focused on parsing the potential impact of tighter credit conditions on the economy in the run-up to the Fed's May 2-3 meeting.

☆ Fed's Harker says small rate hikes on table, opens door to cuts next year
▼ + stars: | 2023-02-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

"What is driving our rate increases right now is inflation, and we are starting to see signs, early signs that inflation is starting to move down," Harker said in a Reuters interview. The Fed's benchmark overnight interest rate is now in the 4.50%-4.75% range. Inflation by the Fed's preferred measure was running at more than double the 2% target in December. DOOR OPENINGIn the interview, Harker said he sees the Fed's policy rate going up to somewhere above 5% and holding there for a while. Harker said he expects the jobless rate to move up to 4.5% from its current level due to the impact of Fed policy before ebbing.

☆ Fed's Harker says ready to downshift to 25-basis-point rate hikes
▼ + stars: | 2023-01-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 18 (Reuters) - Philadelphia Federal Reserve President Patrick Harker reiterated on Wednesday that he's ready for the U.S. central bank to move to a slower pace of interest rate rises amid some signs that hot inflation is cooling off. To get there, Harker, who will hold a voting role on the rate-setting Federal Open Market Committee this year, is ready to raise the central bank's benchmark overnight interest rate beyond the current 4.25%-4.50% range. It will take a while to achieve that goal, Harker said. Harker said the U.S. economy should grow 1% this year, adding that he doesn't believe it will fall into a recession. Harker also expects the U.S. unemployment rate, currently at 3.5%, will rise to 4.5% this year before falling back to 4% in following years.

☆ Fed's Harker says he is ready to downshift to 25-basis-point rate hikes
▼ + stars: | 2023-01-18 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

To get there, Harker, who will hold a voting role on the rate-setting Federal Open Market Committee this year, is ready to raise the central bank's benchmark overnight interest rate beyond the current 4.25%-4.50% range. Harker said he is expecting the Fed to get rates over 5% and added that uncertainty about the stopping point is why the central bank should slow the pace of its rate hikes. At the Fed's last meeting, officials penciled in a 5.1% stopping point for rate rises this year. Harker said the U.S. economy should grow 1% this year, adding that he doesn't believe it will fall into a recession. Harker also expects the U.S. unemployment rate, currently at 3.5%, will rise to 4.5% this year before falling back to 4% in following years.

☆ Corporate profit reports in the week ahead could show whether there's an 'earnings recession'
▼ + stars: | 2023-01-13 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Investors in the week ahead will focus on how much inflation and the slowing economy have chiseled away at corporate profits, as companies including Goldman Sachs , Netflix and Procter & Gamble report earnings. "This is going to be the start of the clock ticking on an earnings recession," said Amanda Agati, chief investment officer of PNC Asset Management Group. Economic recession talk heats up "There's never been a recession without an earnings recession since World War II," Agati said. Art Hogan, chief market strategist at B. Riley Financial, said this coming earnings week could be an important step towards assessing the health of corporate balance sheets. Week ahead calendar Monday Martin Luther King Jr. Day Markets closed Tuesday Earnings: Goldman Sachs , Morgan Stanley , Citizens Financial, United Airlines, Interactive Brokers 8:30 a.m.

☆ Fed's Harker ready to downshift to 25 basis-point interest rate hikes
▼ + stars: | 2023-01-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“In my view, hikes of 25 basis points will be appropriate going forward.”Once the Fed gets to a stopping place for rate increases, Harker said it will likely have to hold there for a while. Harker, in his speech, was upbeat about the economy’s ability to navigate the Fed’s action. Harker also said he believes the surge in price pressures has started to run its course. “In the rearview mirror, I expect, are the eye-popping inflation readings of 2022,” the official said. Harker added the Fed should reach its inflation goal in 2025.

☆ Morning Bid: RIP YCC?
▼ + stars: | 2023-01-12 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

SYDNEY, Jan 12 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. This, presumably, refers to the fact that 10-year yields have been stuck at the new YCC ceiling of 0.5% for four sessions, even while the BOJ has been busy buying bonds in bulk to get them down. Then again, the market had thought the same last month when the central bank wrongfooted everyone by widening its YCC band. Whatever the decision, time is ticking for YCC and maybe even negative rates in Japan. As for U.S. CPI, the market is clearly priced for a dovish outcome, so there's some risk of disappointment.

☆ Important inflation data and big bank earnings could create volatility for markets in week ahead
▼ + stars: | 2023-01-06 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Other speakers include Atlanta Fed President Raphael Bostic Monday. On Thursday, Philadelphia Fed President Patrick Harker, Richmond Fed President Tom Barkin and St. Louis Fed President Bullard all speak at separate events. Minneapolis Fed President Neel Kashkari and Boston Fed President Susan Collins have appearances Friday. The most important inflation report in the week ahead is the consumer price index, released Thursday. Import prices 10:00 a.m. Consumer sentiment 10:00 a.m. Minneapolis Fed President Neel Kashkari 10:20 a.m. Philadelphia Fed's Harker 9:00 a.m. Boston Fed President Susan Collins

☆ Fed's Harker: better to pause rate hikes at the right time than risk overtightening
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - The Federal Reserve should pause its interest rate hikes once its policy rate is at a sufficiently restrictive level to bring inflation on a path back down toward the central bank's 2% goal, Philadelphia Fed President Patrick Harker said on Tuesday. "As long as we are moving consistently and meaningfully to collapse inflation down, I think again we can continue to raise as we need to but also pause when it makes sense along that path," Harker said to a conference in Philadelphia, repeating a view he advanced last week. "I just don't think we need to go way up...and way down, that doesn't make sense to me, policy wise." Reporting by Lindsay Dunsmuir; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

The nature and nuance of that debate was highlighted in the past 48 hours by Fed heavyweights Governor Christopher Waller and Vice Chair Lael Brainard. Wall Street closed in the red on Monday - not surprising given the extent of the rally Thursday and Friday - but investors are likely to gravitate towards Brainard. This was effectively a warning to investors not to get too carried away, as they had done on Thursday and Friday. chartWaller's caution helped push Wall Street lower at the open on Monday. Japan's output is expected to slow sharply from the April-June period, while on balance China's numbers are expected to weaken from September.

☆ Fed's Harker says time coming where Fed can slow rate hikes
▼ + stars: | 2022-11-10 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

“In the upcoming months, in light of the cumulative tightening we have achieved, I expect we will slow the pace of our rate hikes as we approach a sufficiently restrictive stance,” Harker said in a speech text. But he added that moving from what had been 75 basis point increases to something like a half percentage point rise would still be significant action. Harker added, “at some point next year, I expect we will hold at a restrictive rate for a while to let monetary policy do its work” as more expensive borrowing costs impact the economy. The rate-setting Federal Open Market Committee has increased the cost of short-term borrowing very rapidly this year, moving from a near zero short-term rate target to between 3.75% and 4% following last week’s 75 basis point rate rise. Harker, who doesn’t hold a vote on the FOMC this year but will in 2023, laid out what it will take for him to call for a shift in monetary policy.

☆ Oil prices settle up; China demand hopes outweigh recession worry
▼ + stars: | 2022-10-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterBrent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at$85.05 a barrel, up 54 cents, 0.6%. Swings in the U.S. dollar, which typically moves inversely with oil prices, added to choppy trade. China, the world's largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and reducing demand for fuel. U.S. oil rigs rose two to 612 this week, their highest since March 2020, while gas rigs were unchanged at 157.

Brent crude futures lost 5 cents to trade at $92.33 a barrel by 00:02 GMT. U.S. West Texas Intermediate futures rose 7 cents to trade at $84.58 a barrel. Brent was on track for a weekly gain of 0.7%, while WTI was expected to fall 1.3%. read moreMeanwhile, Beijing is considering cutting the quarantine period for visitors to seven days from 10 days, Bloomberg news reported on Thursday, citing people familiar with the matter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Stephanie KellyOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Harker says high inflation calls for more rate hikes
▼ + stars: | 2022-10-20 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Against the current federal funds rate target of between 3% and 3.25%, “given our frankly disappointing lack of progress on curtailing inflation, I expect we will be well above 4% by the end of the year,” Harker said. But the point is approaching where the central bank will be able to step back and see how the impact of its rate rise cycle is affecting the economy, the official said. Harker warned in his speech that while inflation surged very quickly, lowering it will take time, which creates uncertainty for monetary policy. That means “labor markets will stay quite healthy” as the Fed works to lower inflation, Harker said. Against the current 6.2% year-over-year increase in the August personal consumption expenditures price index -- the Fed’s preferred inflation measure -- Harker sees inflation at 6% this year, around 4% next year and 2.5% by 2024.

☆ Philadelphia Fed's Harker: Fed funds will be well above 4 percent by year end
▼ + stars: | 2022-10-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPhiladelphia Fed's Harker: Fed funds will be well above 4 percent by year endCNBC's Steve Liesman joins the 'Halftime Report' to discuss Philadelphia Fed President Patrick Harker's statement on Fed funds rate being well above 4 percent by year end. Cerity's Jim Lebenthal reacts.

☆ Fed's Harker sees 'lack of progress' on inflation, expects aggressive rate hikes ahead
▼ + stars: | 2022-10-20 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Philadelphia Federal Reserve President Patrick Harker on Thursday said higher interest rates have done little to keep inflation in check, so more increases will be needed. The latter comment was in reference to the fed funds rate, which currently is targeted in a range between 3%-3.75%. Markets widely expect the Fed to approve a fourth consecutive 0.75 percentage point interest rate hike in early November, followed by another in December. Harker indicated that those higher rates are likely to stay in place for an extended period. "Inflation will come down, but it will take some time to get to our target," Harker said.

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