Patrick Harker announced the need to raise the Fed rate

FOMC member Patrick Harker said the recent inflation rate is unacceptable. In this regard, the Fed should conduct a series of rate hikes. He stressed that soft monetary policy, as well as existing problems in the supply sector, led to a significant acceleration in consumer price growth. Patrick Harker is confident in need of a rate hike throughout 2022. He also announced a likely reduction in the volume of government bonds. The head of the Philadelphia Fed gave his forecast for US economic growth. He believes that the country’s GDP may grow by 3-3.5% by the end of this year. In 2023, the US economy will expand by 2-2.5%. Patrick Harker believes that inflation in the United States could slow to 4% by the end of this year. And in 2023, it will approach the target level of 2%. Patrick Harker currently has the right to vote at FOMC meetings. In the second half of the year, he will not have it.

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Arseny Kudrin

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