Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday he di...
NEW YORK - Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday he did not support the Fed’s last rate cut in October and that the central bank should keep policy steady.
The policymaker said he thinks rates are currently neutral or “slightly accommodative” and that he doesn’t think lower rates will be enough to encourage spending by businesses being held back by trade uncertainty. Harker reiterated his view that there would be an “extremely high hurdle” for him to support negative interest rates. In the event that the economy hits a “major bump,” the Fed should first lower rates to zero, communicate that rates will stay low and then make asset purchases to stimulate the economy, Harker said.
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