Federal Reserve's Harker: Still expects to cut interest rates, but may not act hastily

ChainCatcher news, according to Jinshi reports, Philadelphia Fed President Harker stated on Thursday that he still expects the Federal Reserve to cut interest rates, but the policy path is shrouded in considerable uncertainty.

Harker said, "I still believe we are on a path of declining policy rates. I do not intend to deviate from this path or turn back. The exact pace of moving forward will depend entirely on the new data received." Harker does not have a vote this year. In his speech, he stated, "The overall fundamentals of our economy remain strong," but even so, "we are still in a very unstable period," which limits guidance on the future policy path.

Harker pointed out that bringing inflation back to the 2% target will take longer than expected. He also noted that the labor market has stabilized and remains healthy, but there are increasing signs that low-income individuals are facing greater pressure, which concerns him.