Philadelphia Fed President Patrick Harker said yesterday “I don’t expect that the federal funds rate will rise before the tapering is complete.” But he added, “we are monitoring inflation very closely and are prepared to take action, should circumstances warrant it.”
Harker expected the economy to grow by around 5.5% this year and 4% next, provided that there is no further wave of COVID-19 infections. Then growth was slow to 2-3% in 2023.
