Patrick T. Harker

President, Federal Reserve Bank of Philadelphia


Joined the Federal Reserve: July 1, 2015

Date of Birth: November 19, 1958


Summary Lean Statement Date Publication Date
1  An Economic Outlook: "Although I cannot give you a definitive path for how policy will evolve, it might prove prudent to wait until the inflation data are stronger before we undertake a second rate hike. Thus, I am approaching near-term policy a bit more cautiously than I did a few months ago... I believe as we move into the second half of the year with economic activity growing at trend or slightly above trend, the unemployment rate below its natural rate, and price pressures starting to assert themselves, policy can truly normalize. I mean this in the sense that we can move away meaningfully from the zero lower bound and that our reaction to incoming data can return to a more historical pattern." Dovish February 16, 2016 February 16, 2016
2  2016 Economic Forecast: "Harker was cautious when responding to questions on raising interest rates, saying that watching the trends of the coming months will be important to the decision-making process. “I don’t know exactly when it’s going to happen,” he said. “We really just need to follow the data.”" Neutral February 16, 2016 February 18, 2016
3  The New Normal for the U.S. Economy: "Accordingly, I would like to see rates raised sooner rather than later. With an early start, we can better ensure that monetary accommodation is removed gradually and that inflation returns to the Fed’s 2 percent target smoothly. My fear is that the Federal Reserve risks losing its credibility and only adds uncertainty to the economic landscape the longer the Committee waits to begin normalizing policy. Therefore, raising rates this year will, in my view, serve to reduce monetary policy uncertainty and to keep the economy on track for sustained growth with price stability." Hawkish December 4, 2015 December 4, 2015
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